By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Reading: Apple CEO Tim Cook’s Pay Slumps Along With iPhone Sales
Share
Aa
Aa
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Search
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2023 BeFirsTrank News Network
News

Apple CEO Tim Cook’s Pay Slumps Along With iPhone Sales

srijita
Last updated: 2017/01/08 at 4:44 PM
By srijita 3 Min Read
Share
SHARE

Apple CEO Tim Cook's Pay Slumps Along With iPhone Sales

Apple penalized CEO Tim Cook for the iPhone maker’s first sales slump in 15 years with a 15 percent pay cut.

Cook still did extremely well, with a compensation package valued at $8.7 million (roughly Rs. 59.3 crores) for Apple’s fiscal year that ended September 24, according to a regulatory filing made Friday. But the amount was down from nearly $10.3 million (roughly Rs. 70 crores) in the prior year.

The Cupertino, California, company cited a downturn in Apple’s revenue and operating profit as the main reason it cut the pay of Cook and its other top executives.

Apple’s revenue dropped 8 percent to $216 billion (roughly Rs. 14,70,204 crores), while its operating profit declined 16 percent to $60 billion (roughly Rs. 4,08,390 crores). That was mainly because it sold fewer iPhones for the first time since the device came out in 2007.

It also marked the first time that Apple’s annual revenue decreased since 2001, which was just before the company’s late co-founder and CEO Steve Jobs unveiled the iPod. That digital music player set the stage for the iPhone and iPad.
The iPhone triggered a revolution in mobile computing and became Apple’s biggest moneymaker, even as a wide range of device makers released competing products primarily running on Google’s free Android software. Most of the world’s smartphones are powered by Android, but the iPhone remains a popular high-priced status symbol.

Even so, consumers are holding on to their existing iPhones for longer periods instead of upgrading to a newer model every year or two. That has raised investor concerns that Apple has become too dependent on the iPhone, a nagging worry that has been aggravated by the company’s inability to introduce another breakthrough product since Jobs’ death in 2011.

Cook, Jobs’ anointed successor, had hoped Apple would have another huge hit with a smartwatch unveiled in 2014, but that device has only had moderate success.

Apple’s regulatory filing revealed that the company was bracing for a sales drop last year, although not quite as steep as what occurred. The compensation committee for Apple’s board of directors had established a revenue goal of $224 billion for last year, which would have been a 4 percent decline from the previous year.

The company expected sales to rebound during the holiday shopping season on hopes that consumers would be snapping up its latest iPhones, the 7 and 7 Plus. Apple will release its quarterly results that include the holidays later this month.

[“source-ndtv”]

You Might Also Like

Hispanic Heritage Month: Working together to shape the future of remittances

How Google’s AI can help transform health professions education

Certified AC Technicians in Ocala: Your Local Cooling Experts

Beyond the Map: What Modern Vehicle Tracking Can Do for Your Business

What Should My Video Game Room Have?

TAGGED: Along, Apple, CEO, Cook's, iPhone, Pay, Sales, Slumps, Tim, With
srijita January 8, 2017
Share
Previous Article Samsung Galaxy J1 (4G) Launched in India: Price, Specifications and More
Next Article ZTE Blade V8 With Dual Rear Camera Setup Launched at CES 2017

Calendar

October 2025
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728293031 
« Sep    

Latest Trending News

  • Hispanic Heritage Month: Working together to shape the future of remittances October 7, 2025
  • 2024 Hyundai Alcazar Review – 6-seater 1.5L Signature September 24, 2025
  • Luxury SUVs are a bit of a rage September 22, 2025
  • New Car Prices in India After GST 2.0: Tata, Maruti, Hyundai, Mahindra & More September 18, 2025
  • The Ferrari 849 Testarossa Combines Power and Tradition September 13, 2025
  • User Review of FZ S Hybrid September 10, 2025
  • Lexus Cars Get Cheaper after GST 2.0: Check Full Price List September 9, 2025

© 2023 Befirstrank News Network. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?