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Corporate earnings are about to do something they haven’t done since the 2008 financial crisis: Turn negative.

According to PNC Financial’s Amanda Agati, the coronavirus fallout could dramatically hurt companies through the second quarter.

“Q1 expectations are in negative territory at about 1.5%. It looks like Q2 will be down about 1%,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Friday. “Q2 is probably going to be the better gauge for where we go from here.”

She’s more worried about the second quarter because the coronavirus showed up so late in the first quarter.

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