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Tim Cook's pay slips after Apple's 2016 dip

Apple's CEO earned less in 2016 than he did in 2015 or 2014, thanks to a drop in iPhone sales.

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Apple failed to meet its annual sales goals in 2016, and CEO Tim Cook paid the price.

Cook earned $8.75 million in 2016, according to a Securities and Exchange Commission filing from Apple on Friday. That compares with $10.28 million in 2015, and $9.22 million in 2014.

The Cupertino, California-based company had aimed to surpass its $223.6 billion in sales from 2015. Instead it fell short in 2016, raking in $215.6 billion.

Because of the dip, Apple executives, including Cook, received only 89.5 percent of their annual cash incentives.

For 2016, Cook's total compensation included $5.37 million in cash incentive pay, compared with $8 million in 2015 and $6.7 million in 2014.

His base salary increased, though, from $2 million in 2015 to $3 million last year.

Apple struggled with iPhone sales in 2016 -- the first time its flagship phone saw shipment declines. The company makes more than two-thirds of its revenue from the iPhone, so the device's drop put a dent in Apple's revenue.

Apple did not respond to requests for comment.

Meanwhile, the company is playing up its App Store sales boost, with its highest revenue ever in 2016, according to the filing. The momentum continues to roll into 2017. New Year's Day was its biggest sales day ever.