Apple Freezes Hiring for More Job Roles to Cut Costs

[LionTeeth]

Tim Cook only cares about year over year increase. This year they barely did that so he’s freaking out increasing the price of Apple Music, this ect.

That actually makes a lot of sense
And sad that it also shows a fundamental misunderstanding of market position and branding. But he’s a numbers guy, and that’s it

Oh well, the brand has been poisoned and it ain’t getting any better. Probably past the point of no return for me personally.

 

[PinkyMacGodess]

All correct. Which is what makes their actions so confusing. Acting like a third rate muffler shop about to close down

I'm sure they are hedging the Chinese issues, or something. I can see Apple having money issues as the market goes south. They are also having to pay more per item for manufacturing. I'm sure people in India are not working for near literal peanuts. 'Cost of goods sold' is going up at the same time there is 'downward pressure' on their sales. I also wonder how bad they did anticipating the models of the iPhone 14 (and 13) that would sell. Are they digging ditches in a desert somewhere as we are flapping our gums? Did they bury, or sink, hundreds of thousands of iPhone Minis? Have they finally pissed off enough 'pro users' that they have almost no market for the next new Mac Pro? Is the wave of rev 3 updates making people doubt Apple's proficiency?

They have a lot of things that are adding to the negative, and that doesn't even include environmental issues like earthquakes and wild fires. Imagine 'The One Ring' cracked in the middle by an earthquake. And imagine them inverting the company and moving their headquarters to Ireland, or some other country. (Do they want to buy America?)

They could be playing three dimensional chess 12 moves ahead of everyone else.

 

[PinkyMacGodess]

Brace for a bumpy ride. Looks like this is gonna be a decade of turmoil.

'Decade'? It could be a generation or two...

 

[OasisNYK]

'Decade'? It could be a generation or two...

I don’t thing it will be a generation or two. If it gets really bad there will be massive stimulus and rates will be cut back to or near zero.

This is the typical boom and bust economic cycle and we have been long overdue for a recession.

They are hard and they suck but we will get through it.

2008 wasn’t that long ago and that was pretty terrible. 9/11 and dot com busy before that. Plenty of bad stuff in the 80’s, 70’s had stagflation. We made it though all of this and much more - we will make it though this too.

 

[steve09090]

All correct. Which is what makes their actions so confusing. Acting like a third rate muffler shop about to close down

Oh no… the end is nigh! They have just stopped hiring/expanding their work force. Don’t be so dramatic.

 

[Eldaerenth Faexidor]

This move was highly anticipated. The world is very unstable and this is sadly merely the beginning. The real turmoil has yet to come and Apple is brazing itself.

 

[bruinsrme]

But the admin said we have a great economy? I’m confused?

It's booming. Remember, the 4 year old chip shortage yeah no shift in manufacturing those said chips. Meanwhile semi conductor plants are reducing starts due to slowing demand. Strange

 

[Cole82]

Guess they didn’t sell as many dongles and first gen pencils as they thought they would.

 

[jdoyle]

Billions of Dollars in profits not enough?

 

[sw1tcher]

The pause in hiring does not apply to teams working on future devices and long-term initiatives...

Apple in a statement told Insider that it is continuing to hire, but because of the "current economic environment" it is "taking a very deliberate approach in some parts of the business."

Whew! Was worried their recent long-term initiative to place more ads throughout their services and within stock iOS apps was getting dialed back.

 

[PinkyMacGodess]

I don’t thing it will be a generation or two. If it gets really bad there will be massive stimulus and rates will be cut back to or near zero.

This is the typical boom and bust economic cycle and we have been long overdue for a recession.

They are hard and they suck but we will get through it.

2008 wasn’t that long ago and that was pretty terrible. 9/11 and dot com busy before that. Plenty of bad stuff in the 80’s, 70’s had stagflation. We made it though all of this and much more - we will make it though this too.

You misunderstood me. I'm not just saying 'financial'... There is an election coming RSN, and quite a lot is hanging on the outcome. Enough said...

 

[Karma*Police]

I don’t understand Apple these last six months. They are panicking and scrounging and penny pinching as if they’re about to go bankrupt, and now this.

Aren’t they a luxury brand worth trillions?

That money doesn’t belong to Apple. It belongs to the millions of shareholders who used their hard earned money to buy a piece of the company in the hopes that management will reward them.

That’s why the board and mgmt have a fiduciary duty to increase profits. If they can’t do that, then they will be replaced.

 

[IIGS User]

They're predicting a recession

And I’m predicting a sun rise for 2 days ago.

There is no avoiding a recession. Plenty of lagging indicators are still giving the impression the economy isn’t that bad.

But when I had to pay $800 to little more than half full my heating oil tank for the winter, and groceries are through the roof? That’s money that would have been spent elsewhere like on a vacation or on gifts.


Inflation will be gone soon. All the slack in the supply chain is gonna become taunt like a dog leash about the same time everyone is broke and unable to borrow because of the interest rates. Then EVERYTHING will be on sale. Everything.

The coming recession is going to be one that rivals the early 80’s. Most of you chillin’s who are in your 20’s and 30’s now have never seen anything like it. Ever. I was a teenager at the time and I remember my parents being broke. All. The. Time. Mortgage rates were insane and car loans sucked too.

People are in for a HUGE shock in the next 6-10 months. There’s no stopping it now. The Fed is purposely crushing the economy to stop inflation. First thing companies do when they need to cut costs? Layoffs.

 

[PinkyMacGodess]

That money doesn’t belong to Apple. It belongs to the millions of shareholders who used their hard earned money to buy a piece of the company in the hopes that management will reward them.

That’s why the board and mgmt have a fiduciary duty to increase profits. If they can’t do that, then they will be replaced.

That's an odd use of the term fiduciary.

 

[steve09090]

And I’m predicting a sun rise for 2 days ago.

There is no avoiding a recession. Plenty of lagging indicators are still giving the impression the economy isn’t that bad.

But when I had to pay $800 to little more than half full my heating oil tank for the winter, and groceries are through the roof? That’s money that would have been spent elsewhere like on a vacation or on gifts.


Inflation will be gone soon. All the slack in the supply chain is gonna become taunt like a dog leash about the same time everyone is broke and unable to borrow because of the interest rates. Then EVERYTHING will be on sale. Everything.

The coming recession is going to be one that rivals the early 80’s. Most of you chillin’s who are in your 20’s and 30’s now have never seen anything like it. Ever. I was a teenager at the time and I remember my parents being broke. All. The. Time. Mortgage rates were insane and car loans sucked too.

People are in for a HUGE shock in the next 6-10 months. There’s no stopping it now. The Fed is purposely crushing the economy to stop inflation. First thing companies do when they need to cut costs? Layoffs.

Woohoo! All I heard was Sale! More stuff!!! 😂

 

[G.McGilli]

$40bn profit - on $90bn revenue - almost 50% profit and they need to cut costs lol.... more money for the shareholders I guess...

 

[Wildkraut]

What a poor company!
There is a gray haired cost with glasses they could cut...

 

[yaxomoxay]

People are in for a HUGE shock in the next 6-10 months. There’s no stopping it now. The Fed is purposely crushing the economy to stop inflation. First thing companies do when they need to cut costs? Layoffs.

this is the moment I am happy both my wife and I work in government, both considered essential. Might still be impacted by layoffs but it would be difficult. Last time they laid off someone was in the 1970’s.

Got laid off once, an experience I do not want to repeat ever.

 

[falainber]

Right now US has the lowest unemployment rate ever. Apple problems is just that - Apple problems.

 

[1557750]

USB-C will save them. If Apple can only hold out till next September.

They’ll have to hire 2.5 million extra employees to keep up with the demand.

👊🙄👍

 

[Moonlight]

Right now US has the lowest unemployment rate ever. Apple problems is just that - Apple problems.

It is almost like some people have an ulterior motive

 

[sw1tcher]

But the admin said we have a great economy? I’m confused?

We do. If the economy wasn't strong, we wouldn't be seeing record job creation

Bureau of Labor Statistics Data

data.bls.gov

Tomorrow's jobs report will show the U.S. added another 200K+ jobs, putting the year-to-date total near or over 4000K


If the economy wasn't too strong for its own good,

America’s economy is too strong for its own good

Despite market turmoil, the Fed is set on relentless rate rises

www.economist.com

The Curse of the Strong U.S. Economy

With GDP contracting in the first half of the year and a cratering stock market, it may seem surprising to describe the U.S. economy as “strong.” While the haze of macroeconomic data is exceptionally contradictory, the current reality is that highly profitable firms are employing a record number...

hbr.org

the Fed wouldn't have hiked rates by another 75 basis points yesterday, its 4th in a row, to try to slow down the economy.

Fed hikes interest rates by 75 basis points for fourth straight month

The Federal Reserve enacted its fourth consecutive 75-basis-point interest rate hike as it attempts to cool inflation without triggering an economic recession.

www.foxbusiness.com

This is just Apple taking a proactive just-in-case approach to running the business.

 

[macsound1]

Work From Home is now Just Stay Home.. 🥶

Just glad that folks weren’t laid off ahead of the holiday season

There are unfortunately roles that aren’t permanent, but have seemed like it for the past few years, and hundreds of those people have been cut.

 

[macsound1]

We do. If the economy wasn't strong, we wouldn't be seeing record job creation

Bureau of Labor Statistics Data

data.bls.gov

View attachment 2107729

Tomorrow's jobs report will show the U.S. added another 200K+ jobs, putting the year-to-date total near or over 4000K


If the economy wasn't too strong for its own good,

America’s economy is too strong for its own good

Despite market turmoil, the Fed is set on relentless rate rises

www.economist.com

The Curse of the Strong U.S. Economy

With GDP contracting in the first half of the year and a cratering stock market, it may seem surprising to describe the U.S. economy as “strong.” While the haze of macroeconomic data is exceptionally contradictory, the current reality is that highly profitable firms are employing a record number...

hbr.org

the Fed wouldn't have hiked rates by another 75 basis points yesterday, its 4th in a row, to try to slow down the economy.

Fed hikes interest rates by 75 basis points for fourth straight month

The Federal Reserve enacted its fourth consecutive 75-basis-point interest rate hike as it attempts to cool inflation without triggering an economic recession.

www.foxbusiness.com

Some say this rate raise is to prevent the crazy inflation we’re experiencing. Gas and milk need to come down so the everyman can afford life.

Not to mention discouraging apartment and commercial unit owners to chill out on rent raises.

 

[steve09090]

Companies restructure and need to remain flexible. What’s the point of blaming Apple for doing what every other company does?