Foxconn International, the world’s biggest contract maker of cellphones reported a net loss of $226.07 million for the last 6 months. That’s much worse than analysts’ forecasts of $38 million net loss according to Reuters. Foxconn’s primary client is Nokia.
To reduce costs, it has slashed almost a quarter of its staff numbers to 75,487 as of June 30. However, there was pressure to raise pay to avoid the “sweat shop” stigma according to The Standard.
Foxconn International is a subsidiary of Hon Hai Precision, which is famous for assembling Apple products.