Apple’s Biggest iPhone Assembler Planning Deep Cost Cuts

[Dan Warnick + 6,100]

As if Apple's stock hasn't dropped enough recently, this may see it tumble even further, if not faster, today:

Apple’s Biggest iPhone Assembler Planning Deep Cost Cuts

(this is the full text)

Breaking News

Apple’s Biggest iPhone Assembler Planning Deep Cost Cuts

Bloomberg News

November 21, 2018, 6:54 PM GMT+7 Updated on November 21, 2018, 7:00 PM GMT+7

 

Foxconn Technology Group, the biggest assembler of Apple Inc. iPhones, aims to cut 20 billion yuan ($2.9 billion) from expenses in 2019 as it faces “a very difficult and competitive year,” according to an internal company memo, Bloomberg News reports.

 

The iPhone business will need to reduce expenses by 6 billion yuan 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 NT$206 billion ($6.7 billion). Foxconn did not immediately provide comment.

[Dan Warnick + 6,100]

6 minutes before the markets open and AAPL is UP 1.51%!  Go figure.

[Dan Warnick + 6,100]

Or is this old news already, and the markets priced it into the drop over the last days?