Apple trims 10 percent production plan for iPhones: Report

Apple asked its suppliers to produce fewer new iPhones than planned for the quarter late last month - before the January 2 revelation that the Cupertino, California-headquartered tech giant would miss its revenue forecasts at the end of 2018, the report said.

It’s the second time in two months that the iPhone maker has trimmed its planned production for the flagship device. In a letter to investors on January 2, Apple CEO Tim Cook said for the quarter ending December 29, the company now expects revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

“We did not foresee the magnitude of the economic deceleration, particularly in greater China,” Cook said in the letter. “We believe the economic environment in China has been further impacted by rising trade tensions with the US,” he added.

The request to cut production for the January-March quarter of this year suggests that the iPhone maker is expecting a further hit this year. The latest revision to future production applies to all new iPhone models – the XS Max, XS and XR, Nikkei Asian Review reported citing sources familiar with the matter.

Apple CEO Tim Cook took home $15.7 mn in 2018

Riding on a robust growth last year, Apple CEO Tim Cook earned a compensation package of $15.7 million – including $12 million in bonus that means nearly $33,000 a day. The package included $3 million in base salary, $12 million in incentives awarded for performance and another $682,000 as “Other Compensation” (like personal security services and use of a private aircraft), the Cupertino-based company said in its filing late Tuesday with the US Securities and Exchange Commission (SEC) for the fiscal year that ended on September 30.

According to a report, there was a modest pay increase in Cook’s salary as Apple became the first American company to hit the $1-trillion mark last year, before losing substantial market cap on poor iPhone sale predictions in the later part of the year. The $12 million bonus to Cook was linked to revenue and operating income targets -- both of which rose 16 per cent from 2017.

Cook’s listed salary does not include stock awards that he received in 2018 and earned an additional $121 million. “In the future, Cook is set to receive stock worth upwards of $189 million as shares vest,” it was reported.

Apple CFO Luca Maestri, COO Jeff Williams and retail SVP Angela Ahrendts each collected compensation packages in excess of $26.5 million for 2018.