Apple has just revealed that it missed its income targets for 2016. This is reportedly the first time for the Cupertino-based tech giant to stumble with its annual sales and profit goals since 2009.

Just on Friday, Apple released a regulatory filing that showed the company's annual sales. According to the document, its annual sales of $215.6 billion were 3.7% below the target. Its operating income of $60 billion was also 0.5% short for the fiscal year.

These figures have reportedly put a dent in Apple CEO Tim Cook's annual paycheque. His salary dropped to $8.75 million, which is down by 15% from his previous year's compensation, which was $10.3 million.

Cook's paycheque was not the only one that was affected by this incident. The company's five most senior executives also had amounts slashed from their fiscal 2016 compensation.

According to The Wall Street Journal, these pay cuts are pressuring the company to come up with a blockbuster device for its next iPhone flagship. Timothy Arcuri, an analyst from Cowen & Co., is confident that Apple will benefit from its upcoming 10th anniversary iPhone. The device will reportedly feature wireless charging and will be launched as "the most revolutionary and different-looking phone in years."

As reported by multiple news outlets, the company is also pinning its hopes on the current iPhone series, the iPhone 7, which was just launched in September 2016. Cook told the media last October that the iPhone 7 line of devices have outpaced supply. Other than the CEO's statement, this information remains unconfirmed as Apple will not be revealing its quarterly sales until January 31.

Despite this recent sales struggle, Apple is still recognized as the world's most valuable company with a market capitalization of more than $600 billion. It has reportedly retained its spot as the most profitable company in the United States, with a net income of $45.7 billion in fiscal 2016.