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Cirrus Logic Inc. Message Board

  • mk54321 mk54321 Feb 20, 2013 1:20 PM Flag

    Foxconn Says Hiring Freeze Not Apple Related; Blame HP?

    Foxconn is saying the move is not related to Apple, and instead reflects the fact that more employees returned from the Chinese New Year break than a year earlier.

    UBS analyst Steve Milunovich points out in a research note this morning that while he and others picked up on an Apple production decline at Asian suppliers in December, “sources indicate there has not been a change since.”

    His theory is that the weakness could actually be related to Hewlett-Packard, which he estimates accounts for 8%-10% of Foxconn’s revenue.

    “We believe that Foxconn makes mostly desktop PCs for HP along with some printers and servers,” Milunovich asserts. “We are forecasting a 12% [year-over-year] PC revenue decline for HP in the quarter to be announced tomorrow. Yesterday, Dell indicated that PC demand and pricing remain difficult. In addition, we are concerned about printer demand and that the declines in printer hardware shipments will begin to affect supplies revenue over the next few quarters.”

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