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According to the Nikkei Asian Review, iPhone manufacturer Foxconn have posted their first ever annual sales decline. The company posted revenues of approximately $136.38 billion USD, a drop
of 2.81% from 2015. The decline has been attributed to the reduced demand from Apple, for iPhones and a broader saturation of the smartphone market. Apple is Foxconn’s no.1 client and
accounts for more than 50% of its revenue. Unfortunately for them, reports last month indicated that Apple was looking to trim the production of iPhones by about 10% as a result of sluggish
sales for both new and aging models. Notably, they aren’t the only iPhone manufacturer experiencing a downturn. Pegatron, also involved in the assembly of last year’s iPhone 7, posted a
27.43% drop in year-on-year revenue for December. Analysts (and Apple stockholders) are hopeful than an injection of innovation with this year’s iPhone 8 will help Apple rally the company’s
financial fortunes. The iPhone 8 is believed to offer a flexible OLED display with a bezel-free design and an all-glass casing. However, many are still skeptical. “There’s no question
Apple’s best days are behind it,” said Bernstein analyst Toni Sacconaghi earlier this year.