Apple CEO Tim Cook acquired $115 million worth of Apple shares this week, according to new documents from the Securities and Exchange Commission. After exceeding performance expectations, Apple reserved 560,000 restricted stock units for Cook. By the way, half of that figure is still working at Apple, so the rest is because it meets expectations.
Cook’s $115 million bonus came after Apple’s sales reached its target. It’s actually a little surprising that Apple has achieved its goal. Because the company’s revenue from the iPhone has been falling steadily for the last three years. Between 2015 and 2017, iPhone sales accounted for 70 percent of Apple revenue. According to data released on July 30, recent iPhone sales account for only 48 percent of Apple revenue. This means that despite the decline in iPhone sales, Apple is able to meet its targets.
One of the main reasons Apple is able to meet its goals is that the tech giant’s service subscriptions are increasing day by day. If you recall, Apple had a service-only event last March. At this point, iCloud, app store, Apple Music, Apple Pay and other new services are crucial to Apple’s future growth and revenue diversification. Services accounts for 19 percent of Apple’s revenues in the last quarter. Apple TV+ and the game service Apple Arcadewill also be released in the fall.
In addition, apple card is being released for users in the United States, which is an important move to sell iPhones.