Foxconn Technology Group, the biggest assembler of iPhones, has become the latest Apple Inc. supplier to warn of anemic demand, with an internal memo suggesting that expenses will be cut by almost a half next year.
The contract manufacturer aims to cut $2.9 billion from expenses in 2019 as it faces "a very difficult and competitive year," according to an internal document obtained by Bloomberg.
The company's spending in the past 12 months is about 206 billion New Taiwan dollars ($6.7 billion). Shares of Hon Hai Precision Industry Co., as Foxconn is known in Taiwan and Asia, rose less than 1 percent in early trade in Taipei on Thursday.