https://wccftech.com/foxconn-2-9-billion-usd-cost-cutting-plan/

As the smartphone market continues to saturate, iPhone sales have also flattened and the recently released iPhone XS and iPhone XR have so far failed to turn the situation around for Apple. However, this is more of a cause of concern for Apple’s supplier Foxconn than the Cupertino giant itself. The iPhone assembler is reporting to introduce cost cuts of a staggering $2.9 billion as it prepares itself for the new year.

According to the latest report from Bloomberg, it seems that Apple’s biggest supplier Foxconn has been hit the hardest. Since most major analysts do not think that the situation will get any better, the assembler is reportedly planning to dial down costs. Specifically, the company plans to reduce expenses by 20 billion Yuan or $2.9 billion USD in 2019, out of which 6 billion Yuan (around $865 million USD) would be related to its iPhone business. The company will also lay off around 10 percent of its non-technical workforce and also reduce the expenses of its subsidiary Foxconn Industrial Internet Co. by 3 billion Yuan (around $433 million USD).