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Foxconn cutting costs citing ‘very difficult and competitive’ 2019 outlook amid iPhone sales fears

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<p>As many suppliers and analysts raise concerns about iPhone sales outlook, Foxconn is setting out to cut costs according to an internal memo seen by Bloomberg (https://www.bloomberg.com/news/articles/2018-11-21/foxconn-apple-s-biggest-iphone-assembler-plans-deep-cost-cuts?cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_content=business&amp;utm_medium=social&amp;utm_source=twitter). Foxconn is Apple’s biggest assembler of iPhones so its performance is often seen as a proxy for Apple itself.</p>
<p>Foxconn aims to reduce costs by almost 20 billion yuan ($3bn) for the 2019 year, which includes laying off about ten percent of its ‘non-technical’ workforce.</p>
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