AAPL Apple Inc

By Austen Hufford 

Apple Inc. said Chief Executive Tim Cook and other leaders received less total compensation in 2016 as the company missed its revenue and profit goals for the year.

According to a regulatory filing on Friday, Apple said its annual sales of $215.6 billion were 3.7% below its target of $223.6 billion, and its operating income of $60 billion was 0.5% short of the $60.3 billion target.

As a result, company executives got 89.5% of their targeted annual cash incentive. In 2015, the executives got 100%. In all, Mr. Cook received $8.75 million in total 2016 compensation, down from $10.28 million in 2015. Other executives also received lower pay.

Apple last year faced declining revenue as it grappled with the first prolonged slump in iPhone sales.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

January 06, 2017 08:55 ET (13:55 GMT)

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