Redundancies are a “last resort”; The company is focused on reducing costs: Tim Cook
As tech layoffs continue unabated amid the global meltdown, Apple CEO Tim Cook has said mass layoffs are his “last resort.”
However, the technology giant is reducing costs and has slowed down the pace of recruitment.
Cook told CNBC that he views layoffs as a “last resort” and that “mass layoffs are not something we’re talking about right now.”
He said the company remains very cautious about hiring.
“We’re going to continue to hire, just at a lower clip than we were before. And we’re all doing the right thing by challenging the money that we’re spending and just finding some ways to save on that,” Apple’s CEO said.
Apple reportedly cut a small number of employees at the company’s retail division in early April. The company is also said to have delayed the granting of bonuses.
Apple did not hire like other tech giants during the pandemic, and because of this, the company has a better chance of not laying off workers.
Apple reported a record $94.8 billion in revenue for the March quarter, beating expectations. The company sold $51.3 billion worth of iPhones in the March quarter, a record for the company.
Apple Services also set an all-time record with $20.9 billion in revenue in the March quarter.
“We hit all-time revenue records across the App Store, Apple Music, iCloud and paid services. And now with over 975 million paid subscriptions, we’re reaching even more people with our range of services,” Cook said.
Apple Mac revenue was $7.2 billion, in line with the company’s expectations, and iPad revenue was $6.7 billion. Turnover for wearables, home and accessories was 8.8 billion dollars.
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