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.”
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- Murphy’s Law: Foxconn Wants a New Subsidy? - Bruce Murphy - Jul 26th, 2021
- Village Board Unanimously Votes to Blight Local Business for Foxconn - A Better Mt. Pleasant - Jul 13th, 2021
- Op Ed: EPA Overrules Pruitt-Walker Smog Increases - James Rowen - Jun 7th, 2021
- Village Paid Foxconn Project Manager Nearly $1 Million - Corri Hess - May 28th, 2021
- Op Ed: Foxconn Shows Folly of Cheesehead Revolution - Dan Shafer - May 12th, 2021
- Foxconn Deal Doesn’t Reduce Local Government Risk - Corri Hess - May 3rd, 2021
- Murphy’s Law: The True Costs of New Foxconn Deal - Bruce Murphy - Apr 28th, 2021
- The State of Politics: All Sides Won On New Foxconn Deal - Steven Walters - Apr 26th, 2021
Read more about Foxconn Facility here
Recent Press Releases 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."
"Astonishingly, the Republicans primary concern is to protect their own power."
Joint press release from Sen. Janis Ringhand and Sen. Robert Wirch.