Though Apple ended 2016 with $215.6 billion in gross sales, it wasn't sufficient to hit the income and revenue aim for the yr – and CEO Tim Prepare dinner and the remainder of the iPhone maker's executives are paying for it.
A regulatory submitting reveals Prepare dinner obtained $1.53 million much less in 2016 than the earlier yr, as his incentive pay dropped from $10.three million to $eight.75 million.
The decline in gross sales didn't simply have an effect on Prepare dinner's compensation, however various different high-level executives additionally suffered for Apple's first annual income decline in 15 years.
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Whereas Prepare dinner's base wage did improve from $2 million in 2015 to $three million final yr, his 'incentive plan compensation' dropped from $eight million to $5.37 million. Nonetheless, different executives noticed a $2.21 million drop on this space from the earlier yr
The submitting, first reported by The Wall Road Journal, additionally lists how badly of a yr the Cupertino firm had altogether.
Apple's annual gross sales have been three.7 p.c under its goal of $223.6 billion, and its working earnings of $60 billion was zero.5% wanting the $60.three billion goal.
And in consequence, the executives have been solely given 89.5 p.c of their focused annual money incentive.
Whereas Prepare dinner's base wage did improve from $2 million in 2015 to $three million final yr, his 'incentive plan compensation' dropped from $eight million to $5.37 million.
His incentive pay could have taken a success, however the CEO nonetheless took house a complete of 11.74 million for 2016.
However, different executives noticed a $2.21 million drop on this space from the earlier yr - however every took house greater than 23 million in whole.
A submitting from August highlighted that Prepare dinner obtained 1.26 million Apple shares, valued at round $135 million on the time, that have been beforehand restricted.
He earned a majority of those shares by sitting as CEO for Apple for 5 years.
And the reset got to Prepare dinner due to Apple's inventory efficiency.
The drop in gross sales for 2016 could have been a outcome customers being disillusioned with the brand new iPhone 7 line - because it appears to be only a refreshed iPhone 6.
A regulatory submitting (pictured) reveals Prepare dinner obtained $1.53 million much less in 2016 than the earlier yr, as his incentive pay dropped from $10.three million to $eight.75 million. Quite a lot of different high-level executives additionally suffered for Apple's first annual income decline in 15 years
It was additionally present in a survey that Apple merchandise solely accounted for 44 p.c of latest smartphone and pill activations within the week main as much as Christmas.
And though that was greater than double what Samsung had – Apple was nonetheless down by 5 p.c from 2015.
The iPhone 7 could have been a flop among the many crowd, however the agency says the following smartphone shall be 'essentially the most radical design ever'.
The iPhone eight is about to be unveiled this yr for the agency's 10 yr anniversary – so many iOS customers are certain Apple will impress them with new innovative know-how.
Apple's annual gross sales have been three.7 p.c under its goal of $223.6 billion, and its working earnings of $60 billion was zero.5% wanting the $60.three billion goal
An unnamed worker at an Apple website in Herzliya, Israel, the place is being developed for the iPhone eight, has leaked some particulars in regards to the new handset in September 2016.
The unnamed worker instructed Enterprise Insider that the iPhone eight could be 'completely different' from earlier handsets, which have been critiqued as being too comparable.
Till now, little has been identified about Apple's subsequent iPhone, though studies by a supply talking to Nikkei Asian Assessment have stated that it's going to have a curved display.
If these rumors are true, the iPhone eight may rival the Samsung Galaxy S7 Edge which got here out in February this yr.
The worker additionally talked about that the iPhone eight would have a greater digicam – though this often occurs with each replace.
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