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Thursday, 11 April 2013 07:55

Apple sinks taking Hon Hai with it

Written by Nick Farrell



Karma is sweet

The company which decided it was better to fire people before they killed themselves, Hon Hai, is suffering from the fact that its best chum Apple is tanking.

In what many might define as karma, Apple has been suffering lately and this appears to be hitting Hon Hai’s bottom line. Hon Hai which is the main manufacturer of Apple products, posted a 19 percent decline in sales in the first quarter compared with a year earlier. This was directly caused by the fact that few people want to buy the iPhone 5 anymore.

From January to March, Hon Hai's sales totalled $26.96 billion which is not bad, and pretty much what was expected. KGI Securities analyst Ming-chi Kuo said that Hon Hai was depending too much on Apple. 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. The company installed nets to stop its workers flinging themselves off roofs with joy at the prospect of long hours working the iPhone. Recently it decided it was easier just to fire people who it felt were a suicide risk.

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