Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

FOXCONN: Our Hiring Freeze Has Nothing To Do With The iPhone 5

Jay YarowFeb 20, 2013, 20:46 IST

Apple's stock fell 2 percent this morning on a report that Foxconn was freezing hiring, as Apple's orders for iPhone 5s slowed down.

Foxconn tried to clarify why it has a hiring freeze, telling Bloomberg that it was not hiring new people because a high number of employees returned to work after the Chinese New Year.

Foxconn typically loses a certain percent of its staff after New Year, but this year, it lost less than expected, therefore it doesn't need to hire anyone.

It also tells Bloomberg that the hiring freeze is unrelated to iPhone 5 production.