Apple CEO Tim Cook earned almost US$16 million in 2018

Apple CEO Tim Cook earned almost US$16 million in 2018

Despite a year which saw a big chunk of the company's value wiped, Apple decided that such visionary management was worth a hefty 22 percent pay raise in 2018, bringing Cook's total compensation for the year to nearly $15.7 million.

"For 2018. we achieved net sales of US$265.6 billion and operating income of US$70.9 billion, each representing a year-over-year increase of 16 per cent, and exceeding the 2018 maximum annual cash incentive program goals for both of those performance measures", the document said. "They're things that we feel really great about, that we've been working on for multiple years". Apple's stock grew to record highs past year before taking a big hit in the last quarter after Wall Street grew concerned over iPhone sales and production issues. In 2017, Cook said he wanted Apple's services revenue to double by the end of 2020, a sentiment he reiterated in Tuesday's interview.

In his letter to investors, Cook blamed much of the shortfall on China, where the company underestimated a decelerating economy.

"Since we began shipping the iPhone XR, it has been the most popular iPhone every day", he said.

Cook said he wasn't surprised by the market reaction, calling it "quite emotional in the short term". "The services are on a tear".

Despite the writing being on the wall for the iPhone, Cook believed that he could make up the short fall by jacking up prices, cutting margins and trying to tack on added services.

Cook's commentary of new services launch in 2019 is inline with expectations and could come from a relaunch of the digital magazine service Texture which Apple bought in 2018. "The world needs a strong US and China economy for the world economy to be strong", Cook said. -China trade war will be seen soon.

Mr Cook, in an interview with CNBC just six days after a sales warning sent shares skidding, highlighted a "culture of innovation" that he predicted would keep Apple a major force in technology.

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