Apple CEO Tim Cook was asked about the company taking the hard decision of laying off employees. In an interview with The Wall Street Journal, Cook said, “I view layoffs as a last resort kind of thing,” before adding, “You can never say never.”
Managing and cutting costs
Cook further said that Apple wants to manage costs “other ways to the degree that we can.” He also said that Apple recognises that the current environment is tough and the company is cutting costs as well. “We’re cutting hiring, we’re being very prudent and deliberate on people that we hire,” Cook said.
Cook hasn’t really completely ruled out layoffs at Apple. However, Apple — when compared to other big tech companies — has been hiring people at a relatively slow pace in the last three years. A report revealed that other big companies pressed the hiring button in a big way between 2019-2022. The headcount at quite a few big companies reportedly grew between 57% to 100%. In comparison, Apple’s employee strength grew by 20%.
Also, Apple doesn’t really offer that many perks to employees that raise the cost to the company.
Still, it was a tough quarter for Apple as revenue from iPhone was $65.8 billion for the quarter, down 8% year over year. Further, revenue for Wearables, Home and Accessories was $13.5 billion, which was also down 8% compared to last year.
Cook said that Apple faced severe COVID-19-related challenges in China, which significantly impacted the supply of iPhone 14 Pro and iPhone 14 Pro Max. Apple could supply far less iPhone 14 Pro and iPhone 14 Pro Max models and that left a big impact on the revenue from iPhone.
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