SAN FRANCISCO — Contract manufacturing giant Hon Hai Precision — commonly known under the trade name Foxconn — plans to cut nearly $3  billion in costs in 2019 as it grapples with increased competition and iPhone production cuts by Apple, according to the Bloomberg news service.

The Bloomberg report, citing an internal company document, said Foxconn has spent about $6.7 billion over the past 12 months. The company plans to cut its iPhone business by $865 million next year and layoff 10% of non-technical staff, according to the report.

The revelation comes at a time of rising concern about slowing demand for the latest iPhones. Over the past two weeks, several known suppliers of components found in the iPhone have cut revenue estimates, citing uncertainty over iPhone demand.

Apple shipped 46.89 million iPhones in its fiscal fourth quarter, which closed in September, roughly flat with the same period a year earlier.

Foxconn is headquartered in Taiwan but has a large manufacturing presence in mainland China and elsewhere. In addition to iPhones, Foxconn builds other products for Apple as well as a laptop computers and a variety of other devices for tech OEMs.