During Apple’s Q2 2023 earnings call, the company’s CEO, Tim Cook, maintained an unwavering stance when it came to mass layoffs. The Chief Executive has done everything in his power to prevent Apple from taking the same route as many other firms, such as Google, Amazon, Microsoft, and others, by trimming the headcount to the thousands. The latest report now says that those efforts will continue.
Apple reported a healthy profit for the latest quarter, and its public image may take a hit if it announces layoffs at this time
Talking to CNBC, Tim Cook stated that Apple was not planning any layoffs, and looking at the company’s latest earnings, it would not be the best look for it if it went with this decision. Even though Apple posted a profit of $24.1 billion, which is less than the $25 billion it made during the same quarter last year, the difference is somewhat negligible.
Also, the latest figures can be viewed as a major achievement, especially considering the macroeconomic conditions that have wreaked havoc on consumers’ purchasing power. This is the second time that Tim Cook has said that layoffs will be viewed as a last resort, but that does not mean the company did not let some of its staff go quietly.
Earlier, it was reported that Apple laid off some of its corporate retail employees, but the undisclosed number was likely nowhere near the thousands of employees that lost their livelihood while working at other firms. It is said that the reason for those mass layoffs was that Apple did not resort to an aggressive hiring practice like others.
For 2023, Apple appears to be doing everything it can to cut costs in an effort to keep its staff. One of them is the CEO taking a 40 percent pay cut for 2023, bringing Cook’s total compensation down to $49 million for the year. Also, some bonuses have been delayed for the corporate workforce, while other divisions will now be issued a single bonus instead of two as part of Apple’s cost-cutting measures.
News Source: CNBC
About the author: Omar Sohail is a reporter and analyst for Wccftech's mobile section, specializing in the technology and business of the mobile industry. His expertise lies in the intricate hardware supply chain, covering developments in semiconductor manufacturing, chip lithography, and camera sensor technology.
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