Hon Hai first quarter sales down as iPhone disappoints

TAIPEI (Reuters) – Hon Hai Precision Industry Co Ltd, the main manufacturer of Apple Inc merchandise, posted a 19 percent decline in sales within the first quarter compared with a 12 months prior, hurt by way of disappointing demand for the iPhone. From January to March, Hon Hai's gross 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 12 months. "A quarterly decline was expected, but not a each year decline," said KGI Securities analyst Ming-chi Kuo. …