You can make a pretty good living supplying more than two-thirds of the world’s most-famous consumer gadget. Except when demand for that high-priced smartphone starts to wane and you’re left looking for the next big thing. With the boom times gone, the world’s largest consumer-electronics manufacturer has little choice but to make new bets.

Foxconn Technology Group’s second-straight slide in sales lays bare the folly of the Taipei-based manufacturer relying on Apple Inc. for more than half its business just as the iPhone designer is experiencing its largest slowdown in 22 years. A 12% drop for the third quarter puts Hon Hai Precision Industry Co., Foxconn’s listed flagship, on track this year for its worst decline in history. On Tuesday, the company reiterated prior expectations that each of its divisions would fall or, at best, end 2023 flat.