Apple loses R400 million after delays in reopening Chinese factories

Apple loses R400 million after delays in reopening Chinese factories

- Apple reportedly lost $27 million (R400 million) following a delay in the reopening of its main Chinese iPhone plants

- Foxconn, which is the world’s largest contract device manufacturer and an important part of Apple's supply chain, had been shut down for weeks

- Apple's stock meanwhile dropped by about 1.9%

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Apple has lost $27 million (R400 million) of its market value after it delayed the reopening of its main Chinese iPhone plants.

The world’s largest contract device manufacturer, Foxconn, which is a key element of Apple’s supply chain, was forced to shut down operations for weeks.

However, about 10 per cent of its workers returned to work when it received permission to reopen its Zhengzhou plant but other factories remain closed as of Monday.

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Apple loses $27 million after it delays reopening of its Chinese iPhone plants

Source: Business Insider
Source: UGC

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On Tuesday employees at the Shenzen plant were asked to work from home and it is expected that authorities will examine the closed facility soon.

On Monday Apple’ stock slumped as much as 1.9% in early trading, business insider reports.

The company will reveal its first 5G-capable iPhone line-up in the fall, though other reports have forecast a budget iPhone arriving as early as March 2020.

In other news, American technology company, IBM, has announced its intent to hand over the accounts of its employees to cloud-based proprietary instant messaging platform, Slack.

The deal led to an increase of 21% in Slack’s share price. IBM is set to deploy the messaging tool to all of its (350 000) employees across the globe.

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