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.

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