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.