Reuters: Technology News: Hon Hai first quarter sales down as iPhone disappoints

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Hon Hai first quarter sales down as iPhone disappoints Apr 10th 2013, 10:46 Tweet Share this Email Print Related News HTC posts record-low quarterly profit after delayed phone launch Mon, Apr 8 2013 Apple apologizes to Chinese consumers, revamps service Mon, Apr 1 2013 T-Mobile USA eyes growth from iPhone, marketing changes Tue, Mar 26 2013 EU regulator monitors Apple iPad and iPhone distribution Fri, Mar 22 2013 RPT-UPDATE 2-Taiwan Feb export orders slump more than forecast, March pick-up seen Wed, Mar 20 2013 Analysis & Opinion Apple's Chinese apology worth the loss of face Indian IT finds promise in Europe as continent looks at offshoring A security guard patrols at Hong Hai headquarters in Tucheng, Taipei county, June 8, 2010. Credit: Reuters/Pichi Chuang TAIPEI | Wed Apr 10, 2013 6:46am EDT TAIPEI (Reuters) - Hon Hai Precision Industry Co Ltd, the main manufacturer of Apple Inc products, posted a 19 percent decline in sales in the first quarter compared with a year earlier, hurt by disappointing demand for the iPhone. From January to March, Hon Hai's sales totaled 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. "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." Kao expected the Taiwanese contract manufacturer to post flat sales in the second quarter compared with the first, adding that its net profit is also likely to come under pressure in the first half of this year. Hon Hai draws an estimated 60 to 70 percent of its revenue assembling Apple's iPhones and iPads, and carrying out other work for the California-based company. Apple missed Wall Street's revenue forecast for the December quarter. Disappointing holiday sales reinforced fears it is losing its dominance in smartphones. Shares in Hon Hai edged up 0.12 percent on Wednesday, versus a 0.31 rise in broader market ($1 = 30.0010 Taiwan dollars) (Reporting by Clare Jim; Editing by Daniel Magnowski) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions