From CNET: iPhone assembler Foxconn intends to slash 20 billion yuan ($2.9 billion) from its costs next year, according to Bloomberg.
The company, which is the primary manufacturer of Apple's phones, predicts that 2019 will be a "very difficult and competitive year," Bloomberg reported Wednesday, citing an internal company memo.
Foxconn plans to make a 6 billion yuan ($865 billion) reduction in its iPhone-related expenses specifically and intends to cut about 10 percent of its non-technical staff, Bloomberg noted. It'll also review managers with annual salaries over $150,000.
Its expenses in the past year were about $6.7 billion, according to Bloomberg.
This news follows a Monday report that the company had cut overtime hours typically available for workers after Apple cut production orders for its iPhone XS, XS Max and XR.
Earlier this month, Apple hinted that the 2018 models didn't sell as well as analysts expected immediately after their September release.
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