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Tim Culpan

Apple’s Major Supplier Takes One for the Team

The company’s inventories kept piling up, even as iPhone sales fell. That’s the price of loyalty.

Loyalty pledge.

Loyalty pledge.

Photographer: Qilai Shen/Bloomberg

It looks like Foxconn Technology Group is taking one for the team. 

In an earnings report filed overnight in Taiwan, data show a rise in inventory at a time when revenue was slowing, and sales at its major client, Apple Inc., dropped.