The slowing of the smartphone market, in particuar iPhones sales, has been attributed to the cutting of thousands of seasonal jobs in China as manufacturers address lower-than-expected demand.
This malpractice of scaling back seasonal workers happens often in the electronics industry, however this time it came earlier than expected. Comapnies across the supply chain are having to react to such changes, with major iPhone suppliers like Foxconn and Pegatron reportedly cutting tens of thousands of contracts since November 2018.
This also comes as Foxconn plans a major restructuring, which aims to cut 10% of its 1.1 million strong workforce. Perpahs pointing to broader issues within the industry which could be a result of the poor performance of major customers like Apple, combined with ongoing economic/trade tensions between the US and China.
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