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You are here: Home / Business / Bloomberg report: Foxconn to cut costs and workforce

Bloomberg report: Foxconn to cut costs and workforce

November 21, 2018 By WRN Contributor

A new report says Foxconn Technology Group is looking to cut back on costs and labor as profits fall for the tech giant. A report from Bloomberg says the company is planning to cut $2.9 billion in expenses and 10 percent of its non-technical workforce as international demand for the iPhone starts to slip.

Apple’s biggest assembler of iPhones, Foxconn, plans to slash $2.9 billion of costs due to a “difficult and competitive year,” an internal memo reveals https://t.co/kNO7hLfPhH pic.twitter.com/uBHrMcOEIB

— Bloomberg (@business) November 21, 2018

The company is the largest assembler of the smartphone, and it’s uncertain how this might affect plans to open a new manufacturing facility in Wisconsin.

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Filed Under: Business, News



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