Apple iPhone-maker Hon Hai posts first sales slide on record
Beijing
HON Hai Precision Industry Co, the main assembler of Apple Inc's iPhones, recorded its first annual revenue decline after the global smartphone market went through its worst year on record.
The company, also known as Foxconn, posted a 2.8 per cent fall in 2016 sales to NT$4.36 trillion (S$195.5 billion), it said in a filing to Taiwan's stock exchange, mostly in line with analysts' estimates. It was Hon Hai's first decline in annual revenue since listing in 1991, and comes as Terry Gou's Foxconn Technology Group prepares to invest billions of dollars in display-making capacity after taking control of Japan's Sharp Corp.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think