Foxconn Technology Group, the biggest assembler of Apple iPhones, aims to cut $2.9 billion (CNY 20 billion) from expenses in 2019 as it faces “a very difficult and competitive year,” according to an internal company memo. The iPhone business will need to reduce expenses by CNY 6 billion next year and the company plans to eliminate about 10 percent of non-technical staff, according to the memo obtained by Bloomberg. The company’s spending in the past 12 months is about TWD 206 billion ($6.7 billion). “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 in response to Bloomberg queries. Foxconn’s moves are likely to add to the gloom enveloping Apple and suppliers for the iPhone, its most important product. Just last week, four suppliers on three continents cut their revenue estimates because of weak demand. That set off a rout in technology stocks that… Read full this story
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