Hon Hai Precision Industry, aka Foxconn, hasn’t experienced an annual decline in sales sent it went public in 1991, but thanks to slumping iPhone sales, the company just gave shareholders some bad news.
Apple may or may not be making a smartwatch, but that’s not stopping its partner, Hon Hai Precision Industry – better known by it’s trading name, Foxconn – from making an iPhone compatible watch of its own.
Hon Hai unveiled it’s first smartwatch today at a shareholders meeting. The device can connect wirelessly to an iPhone and provides data on users’ vitals, such as heartbeat and respiration. The smartwatch can even check phone calls and Facebook posts.
Oh, and remember how the iPhone 5S might be getting a fingerprint sensor? Hon Hai chairman Terry Gou said they’re working to add that to their smartwatch in the future along with some other health features.
Hon Hai Precision Industry, better known as Foxconn, has long been Apple’s biggest manufacturing partner, with around 60-70% of its revenue coming from the Cupertino company. But local rival Pegatron is hoping to change that.
By offering Apple more competitive prices and sacrificing its profit margins, Pegatron appears to be securing iPhone and iPad assembly orders that would have normally gone straight to Foxconn.