Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Foxconn cuts 50,000 contract jobs in China: Nikkei

Published 01/18/2019, 06:20 AM
Updated 01/18/2019, 06:25 AM
© Reuters. The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei

(Reuters) - Apple Inc's (O:AAPL) biggest iPhone assembler Foxconn Technology Group (TW:2317) has let go around 50,000 contract workers in China since October, months earlier than normal, Nikkei reported on Friday.

The scale of the cuts is not necessarily deeper than previous years, it is simply significantly earlier, the report said, citing an industry source familiar with the situation.

"It's quite different this year to ask assembly line workers to leave before the year-end," the source told Nikkei.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, was not immediately available for a comment.

Earlier this month, Nikkei reported https://reut.rs/2szSxwf that Apple cut current quarter production plan for new iPhones by 10 percent in the face of slowing demand in China, the world's largest smartphone market.

© Reuters. The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.