After the first listing of Foxconn, the decline in performance began with Apple
According to foreign media reports, Apple's main OEM manufacturer Foxconn released its first annual report of decline in revenue since its listing in 1991, reflecting the extremely weak demand for Apple products before the iPhone 7 series went on the market.
The Nikkei News reported that Foxconn’s revenue in 2016 was $136.38 billion, down 2.81 from 2015. Apple has a very close relationship with Foxconn, and its business revenue from Apple accounts for more than 50% of Foxconn's total revenue.
Affected by the decline in iPhone shipments, Apple released its first annual report of decline in revenue since 2001. In 2016, the total shipments of Apple's iPhone were 207 million units, a lot less than the 236 million in 2015. Analysts predict that Apple and Foxconn's business will recover this year, as consumers are looking forward to Apple's 10th anniversary iPhone. In 2017, iPhone shipments may climb to 221 million units.
Affected by the decline in revenue, Apple even had a salary cut for executives. Apple’s filing with the Securities and Exchange Commission (SEC) last week indicated that it will hold an annual general meeting of shareholders on February 28 to discuss and vote on the board’s proposal. A total of nine proposals were mentioned in the document, including the election of new board members, the employment of accounting firms, and the determination of executive compensation. The document on executive compensation clearly states that 2016's performance is lower than the target set by the compensation committee, and executives' annual cash rewards will be significantly less than the 2015 level.
According to the document, in order to reflect the consistency of compensation and performance, the annual cash reward for rewarding short-term financial goals will be lowered. In the previous four years, executives have received the expected annual cash award. Apple CEO Tim Cook earned $8,774,700 in 2016, and in 2015 he received $10,281,300. Although Cook’s basic salary has increased by $1 million to $3 million in 2015, its incentive pay has fallen from $8 million to $5.37 million.
The iPhone 6s series, which went on sale in September 2015, only moderately upgraded the iPhone 6 series, such as Live Photos, 4K video recording and 3D Touch, which made iPhone users reluctant to upgrade, or consider buying high-end Android devices.
According to the Nikkei News, Foxconn’s revenue in December 2016 increased by 9.76% year-on-year, reflecting the strong demand for the iPhone 7 Plus. The iPhone 7 Plus features a dual-lens camera that supports portrait mode - it can blur the background like a digital SLR camera.
The Nikkei News previously reported that Apple reduced the number of orders for the iPhone 7 in 2017 by 10%. Although the iPhone 7 Plus is considered to be in short supply. The news can be confirmed by the iPhone 7 foundry and the joint venture's December revenue drop of 27.43%.
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