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Foxconn Technology Group
2354, -0.97%
The factories operator in China and India who set up Apple's iPhones Inc. plans a major cost-cutting effort, Bloomberg reported Wednesday, citing an internal memo to the company . The company aims to cut 20 billion yuan, or $ 2.9 billion, its costs in 2019, said the memo, according to Bloomberg. Foxconn is facing "a very difficult and competitive year" in 2019, and plans to give up 10% of its non-technical staff. Shares lost nearly 30% in 2018, while the S & P 500
SPX, -1.82%
lost 1.2%.
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