Tech companies have cut back on spending the easiest way that they know how with mass layoffs, but Apple has avoided layoffs so far, with CEO Tim Cook calling it a “last resort.”
Silicon Valley hired a mass of people during the pandemic to account for increased demand. As the pandemic ended and an economic downturn began, demand for those products waned, and mass layoffs began.
“I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook said.
Apple’s positive earnings and lack of layoffs will likely be a morale boost for the American company. Google, however, is facing other issues as it’s 12,000 employee mass layoff was followed by a $70 billion stock buyback program and CEO raise.
Cook calls mass layoffs a last resort, but that doesn’t mean it’s totally off the table. Rumors suggest that 2023 could be a muted year for Apple hardware, which might lead to more penny-pinching in the future.
This story originally appeared on Appleinsider
