The company which better known as Foxconn (or Hon Hai Precision Industry) today posted its first quarter results with a 19 percent decline in sales in the quarter as compared with a year earlier due to the disappointing iPhone sales, reports Reuters. The company reported the total sales of T$808.97 billion ($26.96 billion), down from T$988.34 billion in the fourth quarter and T$1 trillion in the first quarter last year.
Hon Hai which counts its estimated more than half – 60 to 70 percent of its revenue from assembling Apple’s iPhone and iPads – missed Wall Street’s revenue forecast for the December quarter. Even “A quarterly decline was expected, but not a yearly decline,” said KGI Securities analyst Ming-chi Kuo. “This shows that Hon Hai’s revenue depends too much on Apple, and iPhone orders corrected more than expected.”