Close

Foxconn: Hiring Freeze Has Nothing to Do With iPhone 5 Slowdown (AAPL)

February 20, 2013 8:09 AM EST
Apple (Nasdaq: AAPL) is trading unjustly lower Wednesday amid reports that a slowdown in iPhone 5 orders has caused ODM Foxconn to halt recruitment at its factories.

The Financial Times cited a spokesperson at Foxconn's Shenzhen facility in saying there was a hiring freeze.

However, Foxconn refuted the headlines, saying that the freeze was implemented due to a higher return-rate than expected following the Chinese Lunar holiday. Foxconn said the freeze didn't have anything to do with slower iPhone 5 orders.

Both reports indicate that hiring won't commence again until the end of March.

Shares of Apple are down about 0.8 percent early.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Insiders' Blog, Trader Talk