Apple sales decline: After the iPhone sales declined sharply, Apple CEO Tim Cook faces a salary cut off a whopping 15 percent. The company’s revenue charts have been falling short of the set profit goals for last year.
Tim Cook assumed Apple office in 2011 and since then it is the first time that the iPhone sales have suffered such a sharp decline. He received %10.28 million in 2015, while in 2016 his salary fell to $8.75 million, however, his base salary rose by 50 percent to $3 million.
Apple sales decline sharply, Tim Cook’s salary cut down by fifteen percent
“According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7 percent below its target of $223.6 billion, and its operating income of $60 billion was 0.5 percent short of the $60.3 billion target”, The Wall Street Journal said in its report.
Apart from this, the top five executives of Apple also faced a decline in their salaries by nine percent each i.e. $22.8 million in 2016 from $25 million as in 2015.
For the fourth quarter sales, Apple stated that it sold 45.5 million iPhones, 9.3 million iPads and 4.9 million Macbooks; the iPhone sales declined by 5.2 percent in 2016 as compared to 2015. As for iPads and Macbooks the sales slashed by a shocking six percent nd fourteen percent respectively.
Apple is hoping that the iPhone 7 sales will increase considerably this year. iPhone 7 was released in September last year. The upcoming versions of iPhone are also expected to increase the revenue of Apple.