Apple execs see bonuses cut following sales slump in 2016

Apple execs have had their bonuses cut due to the sales slump the company experienced in its last yearly financials, according to a filing with the SEC.

CEO Tim Cook earned $8.75 million, down from $10.3 million in 2015. $3 million of this was base salary, up from $2 million in 2015.

Cook did however make $136 million from selling shares in Apple, and is therefore unlikely to feel any negative effects of his bonus being cut.

First loss in 15 years

Apple posted its first loss in 15 years in September 2016 as net sales fell by $18.1 billion year-on-year with iPhone sales down 5% year-on-year.

App Store developers had a more successful 2016, however. The marketplace generated $20 billion for developers in 2016 alone and has now earned them $60 billion since it first launched.