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Apple will cut spending and hiring in some areas in the face of a possible recession


Following the news, shares of the tech giant fell 2.1% to $147.07 per share.

Apple plans to slow down its hiring and cut spending in some areas on next year to face a possible economic recession, reports Bloomberg citing sources familiar with the matter. In this way, the technology giant would join a growing group of US companies that choose to slow down the pace of hiring, such as Google or Meta (qualified in Russia as an extremist organization).

Annually the company allocates a certain amount of money to each of its main units for research and development and hiring. However, for 2023 that budget will be lower than expected.

In addition, Apple will not increase its workforce in some areas next year, when normally that increase is usually between 5% and 10% per year. Nor does it plan to fill the vacant positions of those employees who resign in some units.

However, the changes will not affect all teams, the sources assured. The US company plans to increase its compensation budget this year to deal with a tighter job market. In addition, four iPhone models, three Apple Watch variants, and new Mac laptops, among other products, are expected to launch later this year.

In the meantime, Apple will continue to plan a 2023 product launch schedule that includes a new HomePod speaker, a larger iPad, and several new Macs .

After the newspaper broke the news, the shares of the tech giant fell 2.1%, down to $147.07 per share, the biggest daily drop in nearly three weeks.


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