Foxconn to Cut Workforce as Apple Expected to An**unce Record-Breaking iPhone Sales [
 

Foxconn Tech**logy Group, Apple's main assembly partner for iPhones, today an**unced (via Reuters) major plans to reduce its workforce due to "declining revenue growth and rising wages in China." The an**uncement comes mere hours before Apple's financial earnings an**uncement for the first fiscal quarter of 2015, in which the company is expected to an**unce record iPhone sales.

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The company doubled its labor costs in recent years following a few public scandals involving worker suicides and poor working conditions, while revenue growth has slowed. After a decade of steady increases following the explosion of popularity for smartphones and tablet devices, mostly thanks to the manufacturing of Apple products, Foxconn hasn't faced the issue of diminishing returns until **w.

"We've basically stabilized (our workforce) in the last three years," Woo said. When asked if the company plans to reduce overall headcount, he responded "yes".

Revenue growth at the conglomerate tumbled to 1.3 percent in 2013 and only partially recovered to 6.5 percent last year after a long string of double-digit increases from 2003 to 2012.

Today's news comes on the heels of reports indicating Apple likely sold more iPhones in China than the U.S. in the last quarter, and expectations the iPhone will have record sales coming off the launch of the iPhone 6 and 6 Plus.

Foxconn's job cuts have **t been specifically tied to its Apple business, but Apple is a major customer and hiring patterns do generally follow the iPhone product cycle, which should begin to slow a bit follow the rush of customers upgrading to the new models in the early months of availability. Foxconn is also reported to be increasing investments in Apple-related areas, including building a $2.6 billion display plant and perhaps working on sapphire displays for Apple products.http://rss.feedsportal.com/c/35070/f...5d/sc/2/mf.gif


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