Foxconn Binning Staff as Growth Stalls

By Gary Cutlack on at

Foxconn, the universal maker of everything with a battery inside it, is cutting staff levels in response to slower demand. Given that it employs a staggering 1.3 million people at peak production periods, it's hardly likely to shrink from view.

Labour costs for the gadget producer have more than doubled since 2010, thanks to masses of negative publicity and several worker suicides leaving the Apple supplier with no option but to clean up its act. This, along with slower revenue growth caused by cheaper end products and gadget market saturation, are taking the blame for the job cuts. [Reuters]