TAIPEI -- Hon Hai Precision Industry (Foxconn) reported first-quarter sales fell 19% year-over-year on slower demand for Apple's iPhones.

For the period ended March 31, the EMS/ODM's sales were NT$809 billion ($26.96 billion), down 18.1% sequentially.

Analysts said the results were unexpectedly poor, and indicated an overreliance on Apple, which represents an estimated 60 to 70% of Foxconn's revenue.

Analysts forecast Foxconn's second quarter sales will be flat on a sequential basis.

Foxconn is by far the world's largest contract printed circuit board assembler and its Zhen Ding subsidiary is the fourth largest PCB fabricator.

Ed.: $1 = NT$30.0010