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Tim Cook and other executives received less revenue in 2016, as Apple failed to hit its revenue and profit goals for the year. The Wall Street Journal points to a regulatory filing, which says the miss kept the leaders from hitting some cash incentives.

Apple said its annual sales were $215.6B, 3.7% below its target of $223.6B, and its operating income of $60B was 0.5% short of their $60.3B target. As a result, Cook received $8.75 million in 2016 compensation, down from $10.3 million in 2015.

Cook’s 15% drop is significantly higher than other Apple executives, which saw an average of a 9.6% decline in pay, as cash incentives make up a larger portion of his compensation. CFO Luca Maestri’s pay fell 10% to $22.8 million ($20 million in stock).

This is the first time in Tim Cook’s tenure Apple has failed to hit its maximum revenue target for the year. All eyes will be on the company later this month, as it reveals  earnings for its fiscal Q1. The last holiday quarter is the last time it saw YoY growth.

Source: WSJ

  • Charlie

    Well can’t say I am surprised. It is great that Apple is trying to lead the trend with their improvements on products (such as introducing USB-C) but they also need to listen to the consumers and give them what they want/need, such as keeping the normal USB 3.0 ports.

    Same as giving people more stable systems. Look at how many buggy updates we get with iOS now? It used to be much more stable but now they fix some and introduce even more bugs! Some bugs should have never ever gone past the beta stage, especially now you have all these public testers too.

    Apple is still doing great but there’s only so much you can continue to milk out of the things Steve Jobs had left.

  • n0ahcruz3

    Well thats what they get for releasing a boring product as well as being “courageous” we dont want to buy lots of dongles Tim Crook!

  • Rowan09

    Oh man now he’s broke. Wealthy people problems.

  • george

    First world problems

  • Mark S

    Am I supposed to feel sorry for these super rich bozos not getting a bonus? Why is THIS news? Waaaaaaaa. Sorry you don’t like your job earning 50 times what I make in a year.

    • It’s called business news. It has implications beyond Cook’s bank account.

  • techfreak23

    Good. If the company isn’t doing great, no one should be getting any kind of bonuses or “cash incentives,” including the top brass.

  • Mr_Coldharbour

    As Jim Dalrymple already said, no need to shed a tear, what these executives make in a year, “disappointing” performance or otherwise, is more than we’ll ever see in a lifetime. Just saying.

  • Anonymouse

    I feel bad they missed out on tneir bonuses, so I’d like to do a whip arpund and everyone can donate. Who is on board with me?

  • edwilk55

    Focus on the battery life, not how freaking thin you can make the devices!!!