One of the most severe downturns in a decade
Foxconn, Apples iPhone factory, has let go 50K workers earlier than usual as a result of the Apple slowdown. Normally, the contracts would be renewed every month from August until mid to late January. However, cuts started in October according to industry sources. This is consistent with other iPhone suppliers and is congruent with the warning by Apple of a revenue slump earlier this month. CLICK HERE for more.
Apple will release their earnings on Tuesday after the close. Apple is one of many key earnings releases this week. For a look at the schedule, click here.
