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Major Apple Supplier Foxconn Denies Mass Layoff Rumors to Hire 50,000 Workers in China

Foxconn, Apple, iPhone
Foxconn, Apple, iPhone

By CCN.com: Foxconn, one of Apple’s largest suppliers, has refuted allegations that it is preparing for mass layoffs. Instead, the Taiwanese-based contract manufacturer has said that it has over 50,000 open positions in China for which it is trying to recruit this quarter.

In a stock exchange filing reported by Reuters, Foxconn indicated that the reported changes in employee headcount were normal adjustments necessitated by client needs and its global strategy.

Asian Media Claims 50,000 Given Pink Slips

Last week media reports claimed that since October last year, Foxconn has sent home 50,000 contract employees in China. According to the reports, this was months earlier than is usually the case.

While Foxconn has refuted the reports of downsizing, its overdependence on Apple (it generates roughly 50% of its revenues from the iPhone maker) has seen its fate closely tied to that of the tech giant. Thus, when Apple experiences a slowdown, this also translates to reduced sales for Foxconn.

Read the full story on CCN.com

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