Apple doesn’t have plans for big layoffs, CEO Tim Cook told CNBC while discussing the company’s earnings on Thursday. It’s a stark contrast from the company’s large technology peers like Google, Meta, Microsoft and Amazon, which have cut thousands of employees this year.
“I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook told CNBC’s Steve Kovach.
Cook didn’t rule out the possibility of job cuts but said that Apple isn’t planning any and that such a move would only be a “last resort.”
Apple is cutting costs, however, and has slowed its rate of hiring Cook said.
“We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before,” Cook added. “And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it.”
Apple hired much more slowly during the pandemic than many of its rivals. It’s one reason why it might be better positioned not to fire employees in response to macroeconomic conditions.
But the company also remains extremely profitable. During its March-quarter earnings report on Thursday, it reported $24 billion in net income on $51.33 billion in total revenue.