Apple's IPhone Supplier Posts Rare Sales Decline

Hon Hai Precision Industry, better known as Foxconn, just reported its first annual sales decline in more than two decades.

Foxconn posted sales of about $136.6 billion in 2016, a 2.81% decline from a year earlier, according to the company's monthly filing with the Taiwan Stock Exchange.

The Taiwanese manufacturer builds electronics devices for numerous businesses, but Apple (AAPL, Tech30) is its largest customer. Foxconn has created massive factories to meet consumer demand for iPhones, sometimes drawing scrutiny for labor violations.

>Related: The iPhone turns 10: Insiders look back

Foxconn's reliance on Apple and the iPhone, once a boon to its business, may now be a burden.

Apple's sales for the 2016 fiscal year fell for the first time since 2001, driven by a decline in iPhone sales. The smartphone still makes up the majority of Apple's revenue.

Apple's latest iPhone is a dead ringer for the previous two models, potentially eliminating some of the desire to upgrade. And the overall smartphone market is increasingly saturated.

Growth in global smartphone shipments is expected to be mostly flat in 2016 compared to the previous year, according to a September report from IDC.

Apple's iPhone supplier posts rare sales decline
Fewer orders at Apple's suppliers could signal the first iPhone sales decline
Dip in Apple Supplier Orders Could Signal iPhone Sales Decline
Foxconn posts first annual revenue decline, thanks to slowing iPhone sales
Apple Inc. Roars to Another High on Strong iPhone Data
Secretive Billionaire Reveals How He Toppled Apple in China
Do fewer orders at Apple suppliers mean iPhone sales are slipping?
Reports Say Apple's iPhone Is Headed For First Ever Year On Year Sales Decline
Fewer orders at Apple suppliers could signal first iPhone sales decline
Fewer orders at Apple suppliers could signal first iPhone sales decline