Hon Hai takes hit from slowing iPhone sales

Firm's reliance on major client adds to its vulnerability

Hon Hai Precision Industry Co, the manufacturer of Apple Inc's iPhones, posted its first annual revenue decline since 1991, as it wrestled with a saturating global smartphone market.

The Taiwan-based firm said on Tuesday it recorded NT$4.36 trillion ($137 billion) in revenue in 2016, down 2.81 percent from a year earlier, after its biggest client Apple saw slowing iPhones sales.