State Senator Janis Ringhand statement on Foxconn earnings report
Foxconn posted a 39 percent drop in third-quarter earnings.
Reuters news service is reporting that Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a major Apple supplier, posted a 39 percent drop in third-quarter earnings.
Foxconn attributed the drop in earnings to delays with the introduction of Apple’s iPhone X.
Foxconn, formally known as Hon Hai Precision Industry Co, said third-quarter earnings came in at T$21.03 billion ($698 million), compared with T$34.64 billion ($1.12 Billion) a year earlier, while revenue for the quarter was flat.
As a result of this report, Reuters noted that Foxconn stock slid down 3% on Wednesday.
“The earnings report certainly helps explain Governor Walker’s rush to get the Foxconn contract signed before the announcement of bad news. Foxconn knew when their earnings numbers were going public.
The Governor negotiated this deal in secret, put us on the hook for $3 billion, and needs to take responsibility to make sure that Wisconsin taxpayers don’t get the short end of this deal.”
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
More about the Foxconn Facility
- With 1,114 Employees, Foxconn Earns $9 Million in Tax Credits - Joe Schulz - Dec 13th, 2024
- Mount Pleasant, Racine in Legal Battle Over Water After Foxconn Failure - Evan Casey - Sep 18th, 2024
- Biden Hails ‘Transformative’ Microsoft Project in Mount Pleasant - Sophie Bolich - May 8th, 2024
- Microsoft’s Wisconsin Data Center Now A $3.3 Billion Project - Jeramey Jannene - May 8th, 2024
- We Energies Will Spend $335 Million on Microsoft Development - Evan Casey - Mar 6th, 2024
- Foxconn Will Get State Subsidy For 2022 - Joe Schulz - Dec 11th, 2023
- Mount Pleasant Approves Microsoft Deal on Foxconn Land - Evan Casey - Nov 28th, 2023
- Mount Pleasant Deal With Microsoft Has No Public Subsidies - Evan Casey - Nov 14th, 2023
- Microsoft, State Announce Massive Data Center Expansion, Land Purchase - Joe Schulz - Nov 11th, 2023
- Gov. Evers Announces Microsoft Makes Major Investment in Wisconsin - Gov. Tony Evers - Nov 10th, 2023
Read more about Foxconn Facility here
Mentioned in This Press Release
Recent Press Releases by State Sen. Janis Ringhand
Senate Republicans unanimously reject vote on Dark Store fix
May 15th, 2019 by State Sen. Janis Ringhand"It seems that the Republicans are helping the big box stores shift their property tax burden onto the back of homeowners."
Republican’s Holiday Gift to Wisconsin: An Assault on Democracy
Dec 5th, 2018 by State Sen. Janis Ringhand"Astonishingly, the Republicans primary concern is to protect their own power."
Legislation Would Eliminate Local Discrimination and Sexual Harassment Laws
Jan 10th, 2018 by State Sen. Janis RinghandJoint press release from Sen. Janis Ringhand and Sen. Robert Wirch.
