The iPhone was launched for the first time in 2007 and its sales have since fallen for the first time in 2016. This has reduced its annual turnover for the first time in the last 15 years. Due to the decrease in sales and turnover, 15% of the total annual salary of Cook has been reduced. In the year 2011, the salary of Cook, who has been managing the company, has been cut for the first time. All of Apple’s hopes are now on the iPhone 7, which was launched in September 2016.