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Foxconn posts first annual revenue decline, thanks to slowing iPhone sales
- Apple CEO Tim Cook touring a Foxconn facility.While Apple isn't Foxconn's only partner, it's the biggest.(Image: File photo)Key iphone supplier Foxconn Technology Group has posted its first annual sales decline since it went public in 1991, thanks to slowing sales of the iPhone, according to Nikkei.
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Key iPhone assembler Foxconn posts first annual sales decline- Nikkei Asian Review
- TAIPEI -- Key iphone assembler Hon Hai Precision Industry, better known as Foxconn Technology Group, reported on Tuesday its first-ever annual sales decline since it went public in 1991, due to lukewarm demand from its biggest client Apple and the saturated smartphone market.For 2016, Foxconn posted revenues of 4.356 trillion New Taiwan dollars ($136.38 billion), down 2.81% from a year ago.The company's December revenue, however, grew 9.76% year-on-year to NT$449.63 billion thanks to orders for the approaching Chinese New Year holidays and the relatively robust demand for the 5.5 inch iphone 7 Plus model.
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Apple's iPhone supplier posts rare sales decline
- The iphone sales slump may be dragging down one of Apple's top suppliers.Hon Hai Precision Industry, better known as Foxconn, just reported its first annual sales decline in more than two decades.Foxconn posted sales of about $136.6 billion in 2016, a 2.81% decline from a year earlier, according to the company's monthly filing with the Taiwan Stock Exchange.
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