The iPhone assembling company Foxconn has laid off 50,000 people from a factory in Zhengzhou, Reuters reported, citing the Nikkei.

This is due to a sharp decline in demand for iPhones. Moreover, layoffs began earlier than expected. Staff assembly line began to leave office until the end of 2018, the first wave began in October last year.

Earlier it was reported that Apple each time reduced the volume of orders because of sales below expected. Naturally, this adversely affected the budget of the company that assembles iPhones.

Earlier, Apple CEO Tim Cook lowered the forecast for expected revenue for the first quarter of 2019. Against the background of this statement, company shares fell by more than 9 percent.

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