TAIPEI -- Foxconn is reportedly planing to cut some 20 billion yuan ($2.89 billion) in expenses in the coming fiscal year.

The world's largest ODM/EMS expects 2019 will be a "very difficult and competitive year," Bloomberg reported, citing an internal company memo.

The company with trim costs through a variety of staffing and other cuts. It plans to reduce non-technical headcount by 10%. It will reduce non-staffing expenses by $866 million, or about 13% of its 46.3 billion yuan ($6.68 billion) spending budget, Bloomberg said.

The news comes on the heels of reports sales of Apple's iPhones and other vendors' PC-related products are slipping.

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