FoxConn Freezes Hiring On iPhone Production Slowdown

First it was Walmart letting the truth finally slip last Friday when a leaked memo showed recent sales are a “total disaster.” Today, as anyone who has looked at AAPL premarket quotes will surmise, it’s Apple’s turn, following a report in the FT that FoxConn, the world’s largest contract electronics manufacturer, “has imposed a recruitment freeze across almost all of its factories in China 5th as it slows production of Apple’s iPhone.” It is not an internal memo, but in this particular case actions speak even louder than leaked words: ‘The suspension in hiring by China’s largest private sector employer, and the biggest assembler of Apple products, is the first search countrywide move since the 2009 downturn, prompted by the financial crisis. It underscores the weakening demand for some Apple products, Which has put pressure on the American company’s battered share price. “Currently, none of the plants in mainland China have hiring plans,” said Liu Kun, a company spokesman at Foxconn’s largest manufacturing facility in the southern Chinese city of Shenzhen.”

Source: https://www.zerohedge.com/news/2013-02-20/foxconn-freezes-hiring-iphone-production-slowdown