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Key iPhone assembler Foxconn posts first annual sales decline

Smartphone slowdown and lukewarm global economy to blame

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Hon Hai Precision Industry reports first-ever annual sales decline in 2016.   © Reuters

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.

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