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Foxconn Looks to Reduce Reliance on Apple (AAPL); Pushes for Stronger Smartphone Sales from Peers

September 29, 2014 11:39 AM EDT

Venerable Apple (Nasdaq: AAPL) OEM Foxconn Electronics is looking to diversify its revenue stream away from the consumer electronics juggernaut.

Digitimes said that Foxconn is helping to push sales for smartphone clients like Oppo, Xiaomi, and Meitu, among others. Most of the vendors sell their wares domestically in China, so Foxconn is looking to push for more international expansion.

While it's unlikely that Foxconn wants to lose any of Apple's business, the company might see lower-growth opportunities over the next few years and that lack of a cheaper smartphone from Apple might be a little concerning.

Shares of Apple are down 0.7 percent.



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