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Apple Inc. CEO Tim Cook smiles as he greets customers during the opening of the new Apple BKC store in Mumbai, India on Tuesday, April 18, 2023.
Indranil Aditya | Bloomberg | Getty Images
Apple has no plans for big layoffs, CEO Tim Cook told CNBC while discussing the company’s earnings on Thursday, in stark contrast to his Big Tech peers like Alphabet, Meta, Microsoft And Amazonwho cut thousands of employees this year.
“I view this as a last resort and therefore mass layoffs are not something we’re talking about right now,” Cook told CNBC’s Steve Kovach.
Cook did not rule out the possibility of job cuts, but said Apple does not anticipate any and such a move would only be a “last resort”.
Apple, however, is cutting costs and slowing its hiring rate, the CEO said.
“We continue to be extremely cautious with hiring. We continue to hire, just at a lower clip level than we were before,” Cook said. “And we’re doing whatever it takes to challenge the expenses we’re spending, and we’re just finding a few more ways to save on it.”
Apple has slowed hiring during the pandemic more than many of its rivals. That’s one reason he might be in a better position not to lay off employees now in response to macro conditions.
But the company also remains extremely profitable. During its March quarter earnings report on Thursday, it reported net income of $24 billion on total revenue of $95 billion.
Correction: Apple reported total revenue of $95 billion after Thursday’s bell. An earlier version distorted the figure.