Hong Kong (CNN) -- The parent company of Apple's biggest parts supplier, Taiwan-based Hon Hai Precision Industry, also known as Foxconn, had a 19.2% drop in revenue during the first quarter as iPhone orders slowed down faster than expected. Hon Hai reported first quarter 2013 revenue of nearly $27 billion, down from $33.4 billion during the same period last year, according to company reports. Hon Hai's share price fell 0.25% by mid-day trading Thursday. The company's share price has fallen nearly 9% year-to-date. Richard Lai, Editor-in-chief for Engadget China, says that increased competition in the smartphone market suggests an overreliance on Apple behind Foxconn woes.
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Foxconn reports 19.2% drop in revenue during the first quarter on slower iPhone orders
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Editor-in-chief for Engadet China says Foxconn may be too reliant on Apple
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Samsung toppled Apple as the world's largest smartphone maker in 2012
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Apple scheduled to report first quarter earnings on April 23
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