Apple manufacturing partner Foxconn Technology Group reported its first-ever annual sales decline late Tuesday, in part due to slow shipment of iPhone 7 models it manufactures, state-run media said.
The Taiwan-based smartphone assembler, which is the world's largest contract electronics maker, suffered a year-on-year fall in revenue, Central News Agency (CNA) reported.
The fall in sales suggested lower-than-expected shipments of the iPhone 7 model, the latest Apple smartphone, which went on sale globally in September 2016, market analysts cited by CNA said.
The company's data showed that, in 2016, Hon Hai posted 4.36 trillion Taiwan dollars (136 billion US dollars) in consolidated sales, down 2.81 per cent from 2015, when revenue hit a record high of 4.48 trillion Taiwan dollars, CNA reported.
According to CNA, in December, Hon Hai's consolidated sales stood at 449.64 billion Taiwan dollars, down 6.45 per cent from a month earlier but up 9.76 percent year-on-year.