Foxconn to Cut $2.9 Billion in Costs Citing 'Very Difficult and Competitive Year'

Foxconn to Cut $2.9 Billion in Costs Citing 'Very Difficult and Competitive Year'

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Foxconn is planning to cut $2.9 billion in expenses in 2019 as it anticipates a 'very difficult and competitive year', reports Bloomberg.

The iPhone part of its business will need to reduce expenses by 865 million next year and the company plans to eliminate 10% of non-technical staff.

“The review being carried out by our team this year is no different than similar exercises carried out in past years to ensure that we enter into each new year with teams and budgets that are aligned with the current and anticipated needs of our customers, our global operations and the market and economic challenges of the next year or two,” Foxconn said in an emailed statement to Bloomberg.

The report adds to numerous others which suggest that Apple's new iPhones may not be selling well. On Monday, the WSJ reported that Apple has cut orders on all three 2018 iPhone models. That followed reports of lower than expected production levels and reduced orders at a key supplier.

Apple recently signed a deal with Amazon to sell its products which could boost sales this holiday season. We've spotted some products already but so far Amazon hasn't started selling the new iPhones.

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Foxconn to Cut $2.9 Billion in Costs Citing 'Very Difficult and Competitive Year'

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