Foxconn Reports First Profit Drop Connected To Slower iPhone Sales

Foxconn has reported a decline in profit for the first time since 1991, the year it went public. Nikkei reports the decrease was connected to "lukewarm demand" for the iPhone 7. The manufacturer reported $136 billion in revenue in 2016, down 2.8% from the prior year.

The company's performance is highly connected to Apple, which provides half of its revenue.

It recorded a year-on-year rise in revenue of 9.8% during December 2016 in connection with consumer spending around the holidays.

Analysts believe it's likely Foxconn will report a turnaround in 2017.