Foxconn claims it has secured enough workers for seasonal demand

Foxconn has assured investors that it has managed to recruit enough workers at all major Chinese factories before production of the "iPhone 12" is set to begin.

Chinese Foxconn factories will return to full operational capacity following a difficult few months brought about by the ongoing COVID-19 epidemic.

The company issued a statement on Sunday night, stating that they'd reached their recruitment goals ahead of schedule, according to Nikkei Asian Review. Earlier in March, Chairman Young Liu had told investors that the factories were operating at 50% capacity.

Foxconn factories are anticipated to hit peak production in July, when they'll begin manufacturing the upcoming "iPhone 12" line for fall release. Factories underperformed in January through March, which lead to costly delays and staff shortages.

The coronavirus outbreak has made an impact on Foxconn's finances, with the iPhone assembly partner enduring its most significant year-on-year drop in revenue for a month in seven years due to the virus affecting its production pipeline. Shares in the company have steadily declined, dropping 4.7% on Monday as investors fear COVID-19 will dampen demand for consumer electronics in U.S. and U.K. markets.

The company has stressed that it is working hard to prevent new infections of COVID-19. Approximately 55,000 workers have been tested for coronavirus, with over 40,000 receiving additional chest X-rays.

34 Comments

blastdoor 16 Years · 3644 comments

About 4 years ago

Great kid!
...don't get cocky.

https://www.cnn.com/2020/03/23/asia/hong-kong-coronavirus-quarantine-intl-hnk/index.html

1 Like · 0 Dislikes

lkrupp 20 Years · 10521 comments

About 4 years ago

blastdoor said:

Great kid!
...don't get cocky.

https://www.cnn.com/2020/03/23/asia/hong-kong-coronavirus-quarantine-intl-hnk/index.html

Rational people are already asking if completely destroying the world economy will cause more harm than the virus itself will. There are millions of U.S. workers losing their jobs and those jobs will NOT be coming back after the shutdown is over. The economy will not magically bounce back to where it was pre-Covid-19. My daughter-in-law has been talking to her friends that operate small businesses like nail salons, craft stores and such. They are telling her they are out of business for good, bankrupt, and will not be reopening. Of course the big restaurant chains will survive but the local sandwich shop on the corner is gone for good. Poof!

jcs2305 12 Years · 1342 comments

About 4 years ago

lkrupp said:

blastdoor said:

Great kid!
...don't get cocky.

https://www.cnn.com/2020/03/23/asia/hong-kong-coronavirus-quarantine-intl-hnk/index.html

Rational people are already asking if completely destroying the world economy will cause more harm than the virus itself will. There are millions of U.S. workers losing their jobs and those jobs will NOT be coming back after the shutdown is over. The economy will not magically bounce back to where it was pre-Covid-19. My daughter-in-law has been talking to her friends that operate small businesses like nail salons, craft stores and such. They are telling her they are out of business for good, bankrupt, and will not be reopening. Of course the big restaurant chains will survive but the local sandwich shop on the corner is gone for good. Poof!

Bankrupt in a few weeks? Sounds like they may have been having trouble before the shutdowns..no?

I am hoping with the leniency from creditors and banks because of what is going on will enable at least some of these small places to come back whenever the shutdown ends and things get back to somewhat normal.. If what you are saying is how it is going to be and not just the situation for some businesses holy shit we are in trouble.. real trouble..

3 Likes · 0 Dislikes

StrangeDays 9 Years · 13000 comments

About 4 years ago

lkrupp said:

blastdoor said:

Great kid!
...don't get cocky.

https://www.cnn.com/2020/03/23/asia/hong-kong-coronavirus-quarantine-intl-hnk/index.html

Rational people are already asking if completely destroying the world economy will cause more harm than the virus itself will. There are millions of U.S. workers losing their jobs and those jobs will NOT be coming back after the shutdown is over. The economy will not magically bounce back to where it was pre-Covid-19. My daughter-in-law has been talking to her friends that operate small businesses like nail salons, craft stores and such. They are telling her they are out of business for good, bankrupt, and will not be reopening. Of course the big restaurant chains will survive but the local sandwich shop on the corner is gone for good. Poof!

Maybe, maybe not. But if your local sandwich shop is gone and it was actually filling a market need, then it follows someone else will open in its spot, and hire people in its spot. That's the way markets work.

The shut-down is to produce a slow pandemic instead of a fast one, and buys time for survivor immunity study, vaccine work, prophylactic drug work, and increased testing strategies to contain future hot spots from repeated waves of infection. This shores up the herd immunity to acceptable levels.

Doing nothing ends in millions of deaths, which would also be disruptive to the economy in a myriad of ways.

For more detail on this, here’s a good video on the pandemic clock cycles for CV-19, and mortality age brackets.

https://youtu.be/gku7mdTS8cc

2 Likes · 0 Dislikes

gatorguy 14 Years · 24652 comments

About 4 years ago

jcs2305 said:

lkrupp said:

blastdoor said:

Great kid!
...don't get cocky.

https://www.cnn.com/2020/03/23/asia/hong-kong-coronavirus-quarantine-intl-hnk/index.html

Rational people are already asking if completely destroying the world economy will cause more harm than the virus itself will. There are millions of U.S. workers losing their jobs and those jobs will NOT be coming back after the shutdown is over. The economy will not magically bounce back to where it was pre-Covid-19. My daughter-in-law has been talking to her friends that operate small businesses like nail salons, craft stores and such. They are telling her they are out of business for good, bankrupt, and will not be reopening. Of course the big restaurant chains will survive but the local sandwich shop on the corner is gone for good. Poof!

Bankrupt in a few weeks? Sounds like they may have been having trouble before the shutdowns..no?
There's a huge difference between "having trouble" and "it's not easy being small".

I am not expecting much assistance to be available to small businesses who were somewhat successful, turning a small profit, and paying their employees and their bills on time until business completely collapsed either by sudden unexpected lack of demand or by government order. Airlines who should have a financial cushion and wealthy investors as backup? Yeah, they'll get covered by federal grants. Financial and investment companies? They'll get government assistance too. In fact the majority of the federal assistance to come will be going to those who should have had the wherewithal to survive a few months with major investors ready to step up to make sure they remain viable. Big business who already had a lot of wealth have their congressional benefactors.

Small business like local restaurants, neighborhood bars, home service providers, tradesmen, food wholesalers, local musicians and such will simply be out-of-luck. The money they worked months/years to save to start their own businesses or purchase their own equipment lost through no fault of their own and no one in government will be there to bail them out. They aren't big enough to be important, collateral damage. The big guys get financial protection with perhaps no expectation of repayment, not so for the startups and family businesses. Nothing they owe will be forgiven. Sad stuff.