Tim Cook Leaves Money On the Table to Kick Off Apple’s 2017
Apple’s first week of 2017 wasn’t necessarily a good one.
Apple CEO Tim Cook arguably took the hardest hit this week. After Apple decided to pull a New York Times app from China, critics took to social media to say Cook, who has become a privacy and rights advocate, had made the wrong move. Just a couple of days later, news surfaced that Apple’s performance last year wasn’t as good as the company’s board would’ve liked. Cook and his fellow executives, then, were forced to take a pay cut in 2016.
But other things happened in Apple’s (AAPL) universe in the last week. And in this weekly roundup of Apple news from Fortune, we’re going to discuss all that and more.
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- Apple CEO Tim Cook took a pay cut in 2016 after his company failed to hit its internal revenue and operating income targets, Apple revealed in a regulatory filing. Cook took home $8.7 million in compensation in 2016, down from the $10.3 million he made in 2015. The reduction came after Apple in 2016 tallied its first year-over-year decline in annual revenue in years. The board had also hoped Apple would generate $60.3 billion in operating income last year, but it actually came in at $60 billion.
- In a controversial move, Apple pulled New York Times news apps from its App Store in China. According to the Times, Chinese authorities made the request to Apple and the iPhone maker complied. An Apple spokesman said that the app was “in violation of local regulations.” Later in the week, Chinese state-run newspapers praised Apple’s move and accused the Times of attempting to “wield influence in China’s internal affairs.” Meanwhile, free speech advocates have railed against the move and Apple for complying with the government request.
- Apple’s App Store had its biggest year ever in 2016. The digital marketplace handed out $20 billion in collective revenue to all developers in 2016, up 40% compared to 2015. Apple has so far paid out $60 billion to developers and said that New Year’s Day was its best day ever, with consumers making nearly $240 million in app purchases.
- Beware! A newly discovered malware can freeze your Mac. The malware, which was discovered by security firm Malwarebytes, finds its way to your machine after you visit a handful of malicious sites. It then will either compose an endless stream of Mail messages or open iTunes with warnings of a virus. It asks you to call a number to fix your machine. Along the way, it freezes your Mac, rendering it useless. To stay safe, don’t call the number and be wary of clicking on any link to a site you don’t know.
- Canada this week shuttered an investigation into whether Apple engaged in anti-competitive behavior in its iPhone business. The Canadian Competition Bureau said on Friday that it had not found enough evidence to continue the investigation and said that Apple’s terms on selling iPhones did not have “a significant effect on competition.”
- Apple is moving in on Samsung’s turf by announcing plans to open its first retail store in South Korea. The store will be located in Seoul and Apple is currently hiring people to work there.
- Apple plans to invest $1 billion in a tech fund created by Japan’s SoftBank. The fund, which could swell to far more than $25 billion, will be used to make major investments in cutting-edge technologies. In a statement, Apple said that it believes the fund will allow companies to more quickly scale up “technology which may be strategically important to Apple.”
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One more thing…Apple is temporarily moving its flagship Fifth Avenue store in New York City. While Apple is renovating the glass cube, it will be selling its products at the FAO Schwartz just steps away from its current location. Apple will begin renovations and open its temporary store on Jan. 20.