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AAPL Stock: 113.29 ( + 0.37 )

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Foxconn takes surprising $218.3m loss

updated 11:55 am EDT, Thu March 31, 2011

Foxconn announces larger than expected loss

Foxconn International Holdings, a unit of the Foxconn Technology Group that builds numerous electronics devices, including Apple's iPad, has posted a much larger net loss, at $218.3 million, for 2010 than analysts predicted. This was due to increased costs and lower sales, and resulted in falling shares. In 2009, the company posted a net income of $38.6 million.

The mean estimate from seven analysts talking to Bloomberg was a loss of $202 million. The stock is the lowest it has been in almost two years.

The company had to issue two raises to its ever-growing workforce, and faced much scrutiny as a result of worker suicides at its factory.

"We need to take decisive actions to conclude our capacity relocation, optimize our cost structure and return to profitability," Foxconn said on Thursday, though it didn't say how this would take place.

Despite its primary reputation as a contractor for Apple manufacturing, Foxconn is the largest assembler in the technology field and handles many of the major companies. Its emphasis on sheer output and low prices has drawn criticism for leading to employees working excessive and sometimes unpaid overtime, the use of teenage labor, and low overall pay.





by MacNN Staff

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Comments

  1. MyRightEye

    Joined: Dec 1969

    +2

    STOP

    USING THAT F'N STUPID IMAGE OF THE DEPRESSED LOOKING WOMAN. WHAT THE F ARE YOU IDIOTS DOING?

  1. wrenchy

    Joined: Dec 1969

    -5

    Losses must be due


    to the coffee and lunch breaks they're allowing the workers to take. They should eliminate all breaks. This will increase production and reduce the losses for Fox Conn. The shareholders of Fox Conn will be happy with their increased bonus cheque at the end of the year.

    They Fox Conn shareholders should then have lunch and a round of golf with all the rich Apple shareholders!

  1. simon42

    Joined: Dec 1969

    -7

    Slap a fruit on it!

    It gives you the right to ramp up prices and people suddenly buy it magically!

  1. chippie

    Joined: Dec 1969

    0

    Sad Sad Sad, So This Company Manufacturers

    electronic devices for multinationals( including apple) that are distributed around the world, and they do it below cost price. I am disgusted by Foxconn and all the multinationals that USE them!!!

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