Apple layoffs are a ‘last resort,’ CEO Tim Cook says

Tim Prepare dinner, chief govt officer of Apple Inc., smiles as he greets prospects in the course of the opening of the brand new Apple BKC retailer in Mumbai, India, on Tuesday, April 18, 2023. 

Indranil Aditya | Bloomberg | Getty Photos

Apple does not have plans for giant layoffs, CEO Tim Prepare dinner instructed CNBC whereas discussing the corporate’s earnings on Thursday, in a stark distinction from Huge Tech friends like Alphabet, Meta, Microsoft and Amazon, which have minimize 1000’s of workers this yr.

“I view that as a final resort and, so, mass layoffs just isn’t one thing that we’re speaking about at this second,” Prepare dinner instructed CNBC’s Steve Kovach.

Prepare dinner did not rule out the potential of job cuts however mentioned that Apple is not planning any and that such a transfer would solely be a “final resort.”

Apple is slicing prices, nevertheless, and has slowed its price of hiring, the CEO mentioned.

“We’re persevering with to be extraordinarily prudent on hiring. We’re persevering with to rent, simply at a decrease clip stage than we had been earlier than,” Prepare dinner mentioned. “And we’re doing all the proper issues of difficult the issues that we spend, and we’re simply discovering just a few extra methods to save lots of on it.”

Apple slowed employed in the course of the pandemic extra so than a lot of its rivals. It is one purpose why it is likely to be higher positioned to not lay off workers now in response to macroeconomic circumstances.

However the firm additionally stays extraordinarily worthwhile. Throughout its March quarter earnings report on Thursday, it reported $24 billion in web revenue on $95 billion in whole income.

Correction: Apple reported $95 billion in whole income after the bell on Thursday. An earlier model misstated the determine.

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