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.”
- State Reviewing Foxconn Jobs Report - Erik Gunn - Jul 23rd, 2020
- Foxconn Hosts Smart Manufacturing Web Conference, Launches iAI Institute - Foxconn Technology Group - Jul 10th, 2020
- Foxconn Will Make 10K Ventilators - Corri Hess - Jun 19th, 2020
- Medtronic and Foxconn Partner to Increase Ventilator Production - Foxconn Technology Group - Jun 18th, 2020
- Foxconn Audit Delayed Two Months - Erik Gunn - Jun 3rd, 2020
- Back in the News: Foxconn’s Profits Plunge By 90% - Bruce Murphy - May 19th, 2020
- Foxconn to Assemble Procedural Masks in Wisconsin for Pandemic Relief - Foxconn Technology Group - Apr 20th, 2020
- Murphy’s Law: Foxconn Squeezes Evers - Bruce Murphy - Apr 15th, 2020
- Foxconn Says It Earned Tax Credits - Corri Hess - Apr 9th, 2020
- Back in the News: Foxconn Plant Will Make Ventilators - Bruce Murphy - Apr 8th, 2020
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.