Mass Layoffs Are Last Resort, Says Tim Cook Cook's statement comes amid ongoing cost-cutting measures and a slowdown in hiring at the tech giant

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

As technology companies continue to follow the trend of layoffs as part of their economic stabilization, Apple CEO Tim Cook has declared that mass layoffs are a "last resort" at his company. Cook's statement comes amid ongoing cost-cutting measures and a slowdown in hiring at the tech giant.

In an interview with CNBC, Cook was quoted as saying, ""Mass layoffs are the last resort for the company. It is not something that we're talking about at this moment. Apple has slowed down hiring and we are continuing to be extremely prudent in hiring."

He further noted that, "We're continuing to hire, just at a lower clip level than we were before. And we're doing all the right things by challenging the things that we spend, and we're just finding a few more ways to save on it."

According to reports, Apple fired a few employees in its corporate retail division in early April and has delayed bonuses to its employees. Tech companies hired in great numbers during the pandemic, however, Apple did not do the same and found itself in a better position than other tech giants.

According to CNBC, one of the main reasons why Apple is currently at a better position than its rivals might be the slowdown on hiring during the Covid pandemic.

In April, Bloomberg had reported quoting people with knowledge of the matter that the company was eliminating a small number of roles within its corporate retail teams. Those groups were responsible for the construction and upkeep of Apple retail stores and other facilities around the world.

In the quarter ended April 2023, the iPhone maker reported a net profit of $24 billion and revenue of $94 billion. Also, iPhone sales reportedly jumped by 1.5% to $51.33 billion during the quarter and that boost majorly accounted for the company's impressive quarterly results.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

News and Trends

India has the Potential to Host over 620 New Large GCCs by 2030: ANSR

The BFSI sector dominates GCCs in India, followed by Manufacturing and Retail/CPG. There is also a strong focus on digital technologies, with 85 per cent of GCCs engaged in digital commerce initiatives.

News and Trends

Ecozen Secures Over USD 23 Mn Debt Funding to Expand Climate-Smart Solutions

This round of investment will be directed toward scaling Ecozen's flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems.

News and Trends

D2C Skincare Brand Foxtale Raised USD 30 Mn Series C Funding

Last year, the Mumbai-based brand raised USD 18 million (around INR 150 crore) in its Series B funding round, led by Panthera Growth Partners from Singapore.

News and Trends

Union Budget 2025: Will FM Finally Offer Tax Relief to India's Crypto Ecosystem?

Among the demands and suggestions posed by the ecosystem players, the reduction of tax on virtual digital assets (VDA) and Tax Deducted at Source (TDS) remain a prime concern. The previous interim budget and union budget failed to provide any relief for domestic crypto investors.