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Apple Inc's biggest iPhone assembler Foxconn aims to cut 20 billion yuan ($2.88 billion) from expenses in 2019 as the company faces 'a very difficult and competitive year', Bloomberg reported on Wednesday, citing an internal memo.
The Taiwan-based producer said in a statement it was conducting a regular annual review to budget effectively for 2019, but it was also the latest to point to concerns over demand for Apple's flagship devices.
Shares - Apple - Heart - Week - Sell-off
Shares in Apple, at the heart of this week's brutal sell-off on Wall Street, were up 1.2 percent at $179.13 in a broadly steadier market.
They have fallen nearly 9 percent since Nov. 12 when one of its facial recognition suppliers, Lumentum Holdings Inc , cut its outlook for the holiday quarter.
Shares - Foxconn - Hon - Hai - Precision
Shares in Foxconn, formally known as Hon Hai Precision Industry Co Ltd, closed down less than 1 percent at T$70.60.
Apple shocked investors earlier this month with a lower-than-expected sales forecast for the Christmas quarter that jolted parts suppliers across the world.
US - Chipmaker - Lumentum - Forecast - Screen
U.S. chipmaker Lumentum was among the first to cut forecast along with screen maker Japan Display, followed by financial warnings...
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