Apple plans to slow hiring, spending in 2023: report
Microsoft, Twitter Netflix, Tesla have cut back their workforces
Apple will reportedly slow its hiring and spending growth in 2023.
The changes will not impact all of Apple's teams and the company is still planning aggressive product launches in 2023, including a mixed reality headset - its first new category since 2015, according to Bloomberg.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 229.48 | +0.48 | +0.21% |
The move comes as the tech giant braces for a potential economic downturn in the U.S.
Apple did not return FOX Business' request for comment.
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As of Sept. 25, 2021, Apple had approximately 154,000 full-time equivalent employees, according to its latest annual report.
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, U.S., December 5, 2016. (Reuters/Brendan McDermid / Reuters Photos)
Apple in April reported a record revenue of $97.3 billion in its fiscal second quarter, up 9% year over year, and quarterly earnings per diluted share of $1.52.
Apple executives declined to provide revenue guidance, but told analysts on the company's second-quarter earnings call that they expect supply chain constraints to impact June quarter revenue by $4 billion to $8 billion. They also cited foreign exchange movement and the pause of its sales in Russia as potential headwinds to its year-over-year growth rate.
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The tech giant's move comes as competitor Google said it will slow hiring for the remainder of 2022.
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| GOOGL | ALPHABET INC. | 166.38 | -9.61 | -5.46% |
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| UBER | UBER TECHNOLOGIES INC. | 69.67 | +0.07 | +0.10% |
| META | META PLATFORMS INC. | 562.15 | -3.37 | -0.60% |
Meanwhile, Spotify said it would slow down hiring by 25%, Uber said it would "treat hiring as a privilege" and Facebook parent Meta Platforms said it would freeze hiring for most mid-to-senior level positions.
Other companies have cut back on their workforces, including Microsoft, Twitter Netflix, Tesla, Coinbase, Robinhood and Redfin.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 413.50 | -1.16 | -0.28% |
| TWTR | NO DATA AVAILABLE | - | - | - |
| NFLX | NETFLIX INC. | 897.18 | +13.33 | +1.51% |
| TSLA | TESLA INC. | 342.49 | +0.46 | +0.13% |
| COIN | COINBASE GLOBAL INC. | 308.91 | -11.10 | -3.47% |
| HOOD | ROBINHOOD MARKETS INC. | 35.79 | -0.29 | -0.80% |
| RDFN | REDFIN CORP. | 8.14 | +0.17 | +2.20% |