Apple CEO Tim Cook talks 'very deliberate' hiring strategy
The company is 'continuing to hire' but 'not everywhere,' Apple's Tim Cook said
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Apple CEO Tim Cook described the iPhone maker's hiring as being "very deliberate" as it navigates current and future economic conditions.
In a "CBS Mornings" interview clip posted on social media Monday, Cook said Apple is "being very deliberate on our hiring" as a "consequence of being in this period." That, according to the CEO, means it is "continuing to hire, but not everywhere in the company are we hiring."
Apple CEO Tim Cook delivers a keynote address during the WWDC22 developer conference at Apple Park on June 6, 2022, in Cupertino, California. (Justin Sullivan/Getty Images / Getty Images)
Bloomberg News reported earlier in the month that Apple had put in place a hiring freeze for many positions outside of research and development. The pause started in October amid efforts to reduce budgets for 2023, according to the outlet.
Apple reported employing roughly 164,000 full-time equivalent workers as of Sept. 24, according to its annual report.
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In late October, the tech giant posted $90.1 billion in fourth-quarter revenue and $20.72 billion in net income. Its earnings per share (EPS) was $1.29. Apple's revenue and EPS both topped analyst estimates, while its net sales for iPhone, iPad and services came in below them.
Apple CEO Tim Cook (Getty Images / Getty Images)
In late October, the tech giant posted $90.1 billion in fourth-quarter revenue and $20.72 billion in net income. (Reuters/Brendan McDermid/File Photo / Reuters Photos)
"We believe strongly in investing for the long term, and we don’t believe you can save your way to prosperity," Cook continued in the "CBS Mornings" interview. "We think you invest your way to it."
Some big tech companies have recently done layoffs or paused hiring amid the country grappling with high inflation and rising interest rates, FOX Business previously reported.
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Meta Platforms, the corporate parent of Facebook, announced Nov. 9 that it would be reducing its headcount by more than 11,000. The week prior, ride-share company Lyft said it was laying off about 683 employees, equating to roughly 13% of its workforce.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 229.91 | +0.91 | +0.40% |
| META | META PLATFORMS INC. | 561.35 | -4.17 | -0.74% |
| LYFT | LYFT INC. | 16.39 | -0.38 | -2.24% |
| AMZN | AMAZON.COM INC. | 198.44 | -4.45 | -2.19% |
Citing unnamed sources, The New York Times reported Monday that Amazon has plans to cut some 10,000 jobs in its devices organization, retail division and human resources. The company previously said it was pumping the breaks on corporate hiring.