Apple is not currently planning mass layoffs and would only do so as a "last resort," CEO Tim Cook told CNBC.
The company, however, has slowed its pace of hiring and laid off a small number of corporate retail employees and contractors as it copes with the challenging macroeconomic environment. Apple's decision to avoid mass
layoffs contrasts with Alphabet, Meta, Microsoft, and Amazon, which have laid off tens of thousands of employees since the pandemic.
- Apple, however, is not immune to the same difficulties faced by its peers.
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In its earnings report released on Thursday, Apple reported a 3% drop in revenue to $94.8B, slightly better than analysts' expectations but its second straight quarterly revenue drop.
- Net income for the January-March quarter was $24.2B, a decrease of 3% from a year ago.
- Mac sales fell 31% to $7.2B for the quarter compared to $10.4B a year ago, while iPad sales decreased 13%.
- Apple's services business — which includes iCloud, Apple TV+, Apple Music, and more — posted record sales of $20.9B for the quarter, a 5.5% jump from the prior year.
- Cook said Apple's active device installed base is at an all-time high. The company also claims 975 million subscribers on its platforms, up by 150 million from the prior year.
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