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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.

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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