TAIPEI -- Foxconn Electronics today reported consolidated revenues fell 2.1% year-over-year to NT$295.4 billion ($9.06 billion) in May.

Revenues were down 8.4% sequentially on lower consumer electronics shipments. Shipments of computers and related equipment and telecom products were mostly unchanged from April, the EMS/ODM company added.

Separately, Nikkei Asian Review is reporting Foxconn expects annual revenues from Apple to drop in 2016 due to lower demand for iPhones. Citing a source at a major supplier, the Japan-based news outlet said Foxconn chairman Terry Gou has "told staff that the demand for iPhones will remain feeble until at least early next year."

Analysts are predicting iPhone shipments will drop 9 to 12% this year. Foxconn reportedly makes about 70% of iPhones sold globally.

Year to date revenue is down 5.6% to $48.7 billion.

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