Foxconn said it took ‘immediate action’ to end the illegal hours being worked by high school students on the iPhone X production line.
The statement follows confirmation by Apple that students aged 17-19 were allowed to work more than 40 hours per week despite this being in breach of both the law and the company’s own policies …
Apple has confirmed a Financial Times report that high school students interning at Foxconn exceeded their legal hours while working on the iPhone X production line. The company has, however, denied claims that the students were forced to carry out the work as a condition of graduation from school.
The report relates to 3,000 high school students who take part in a three-month long work experience program …
Foxconn reported its largest year-over-year earnings decline in a decade because of the initial iPhone X production problems. Via Bloomberg, Hon Hai Precision Industry Co. (Foxconn) profits fell to $700 million in calendar Q3, a 40% decline compared to the same quarter in the previous year.
Foxconn will be supplying System in Package (SiP) for the Apple Watch from next year though its affiliate ShunSin Technology, according to a supply-chain report …
iPhone assembler Foxconn has reported revenues of NT$451.04B (US$14.83B) for September, up 42.4% on the previous month, but down 3.7% year-on-year.
What’s interesting about this is what it appears to indicate about iPhone 8 sales …
The ongoing saga of Toshiba’s sale of its memory chip business seems destined never to end. First it was unclear whether it was Apple or Foxconn bidding for it, then it was both, but possibly neither, then Apple without Foxconn – and in the latest twist, the two are now bidding rivals …
The $3B tax subsidy package needed to persuade Foxconn to open a display plant in Wisconsin passed its second hurdle yesterday as the Wisconsin state assembly voted to approve the deal. This follows a vote by the jobs & economy committee earlier in the week …
Foxconn has reported July revenues of NT$315.06 billion (US$10.62 billion), up 7.53% year-on-year. Its revenue would have been even higher but strong consumer electronics income was offset by poorer performance elsewhere in the business …
Update: Reuters reports that the Wisconsin Assembly’s jobs and economy committee voted 8-5, along party lines, to recommend the deal. The Wisconsin State Assembly will vote next, followed by Wisconsin State Senate and by the joint finance committee, before going to the governor for final approval.
While previous reports on Foxconn’s U.S. display factory have described it as making large panels for use in TVs and monitors, a WSJ post today claims that it will be making LCD screens for iPhones.
The facility, which would build liquid-crystal display technology, or LCD, screens used for Apple Inc.’s iPhone, would be the first of its kind in North America.
It’s unclear whether the WSJ has new information, or has made what appears to be a common error of conflating Foxconn with iPhone production.
The wisdom of Wisconsin proving a $3B tax subsidy – amounting to a full 30% of Foxconn’s investment – is again being questioned after a state fiscal analysis calculated that taxpayers wouldn’t recoup their investment until the 2042-2043 fiscal year …
Apple’s decent Q3 results and – especially – its Q4 guidance have seen its stock climb to an all-time high as of this morning’s opening. It opened at $159.68, more than 6% up on yesterday’s close as the company predicted strong sales in Q4 …
Reports that Wisconsin will pay $3B in subsidies in return for Foxconn opening a display plant there have been confirmed, with a breakdown of the incentives. It’s been noted that with the full sum kicking in only if Foxconn provides the maximum quota of 13,000 jobs, the subsidies would amount to the state paying $231,000 per job …
After several reports and Trump’s tease earlier this week, Foxconn this evening officially announced its plan to build an LCD factory in Wisconsin. The move was announced by Foxconn Chief Terry Gou and Trump, alongside Wisconsin governor Scott Walker. House speaker Paul Ryan was also present.
Foxconn’s first planned U.S. manufacturing plant is reportedly set to open in Wisconsin. This was first rumored last month as one of seven candidate states …
Foxconn says that it is still planning to set up U.S. manufacturing plants in ‘several’ states, in a deal worth $10B. Some $7B of that investment is earmarked for display production, with the balance allocated to a mix of other products.
Foxconn chairman Terry Gou initially said that the company was looking at midwest states, before later naming seven states as candidates …
Foxconn chairman Terry Gou has confirmed that Apple would be supporting the company’s bid to acquire Toshiba’s chip-making business. Interestingly, Amazon is also said to be contributing to the bid.
We first learned back in March that Foxconn was planning a bid to acquire Toshiba’s semiconductor business, which mostly makes flash storage chips. The following month, it was said to have increased its bid to $27B in an attempt to defeat rival bids, and it was later suggested that Apple would be seeking its own direct stake in the business …
President Trump has been critical of Apple’s foreign manufacturing practices in the past and has called on Apple to build its products in the United States. Now, Trump is set to meet with one of Apple’s top manufacturing partners, Foxconn.
A fund backed by the Japanese government has hinted that it may try to prevent Apple supplier Foxconn’s attempt to take control of Toshiba’s chip-making division. It has been variously reported that Foxconn is seeking either an outright purchase of the division, or a controlling stake – possibly with Apple’s assistance …
Update: The WSJ reports that Apple is withholding licensing fees from Qualcomm pending resolution of the legal dispute between the two companies. A source estimates that Apple accounts for around 12% of the company’s total revenue. Qualcomm’s share price is down 19% so far this year.
We saw recently the impact on the share price of Imagination Technologies when Apple announced that it expected to stop using the company’s GPU tech within two years. The stock plummeted by 70%, reducing its market valuation by hundred of millions of dollars.
Not surprising when it turns out that royalty payments from Apple on the company’s chip designs forms almost half of the company’s income – and it is not the only company to be so heavily dependent on Apple’s business …
Toshiba NAND chip in the 2016 12-inch MacBook (iFixit)
Following earlier confusion about whether Apple or Foxconn was bidding for a stake in Toshiba’s chip-making division, it appears that the answer could be ‘both.’ Reuters cites a report by public broadcaster NHK that Apple would be making its own bid alongside the existing Foxconn one.
Apple is considering teaming up with its supplier Foxconn to bid for Toshiba’s semiconductor business, public broadcaster NHK said on Friday […] Apple is considering investing at least several billion dollars to take a stake of more than 20 percent.
If the deal went through, it could be bad news for Samsung – but there are a couple of hurdles to be overcome before agreement could be reached …
Apple manufacturer Foxconn is said to have made a large bid for Toshiba’s NAND storage unit. According to a new report from The Wall Street Journal, Foxconn this week offered up $27 billion for the business, a bid considerably higher than had previously been offered by companies such as Broadcom.
The idea that Foxconn might establish an iPhone assembly factory in the United States – something which had already seemed unlikely – has been thrown into further doubt by remarks made by the company’s chairman.
Apple reportedly asked both Foxconn and Pegatron to look into the possibility of bringing iPhone assembly into the U.S. following threats by President Trump to impose hefty import tariffs on products imported from China. Pegatron reportedly refused outright, while Foxconn agreed to investigate the idea.
But comments made by Foxconn chairman Terry Gou today suggest there is little prospect of this happening …
Digitimes cites Chinese publication Liberty Times in reporting that Apple manufacturing partners Foxconn and TSMC are planning to bid for shares of Toshiba’s flash storage business. The move could bolster Toshiba against Samsung which leads in the memory space.
It’s been proven several times that Apple’s success affects a multitude of different companies and here is the latest example. As detailed in a new report from Bloomberg, Hon Hai Precision, better known as Foxconn, is seeing record share prices thanks to high expectations for the iPhone 8…