APPLE STOCK

Apple slashes budgets and implements hiring freeze: report


While Apple has acknowledged that it has slowed hiring amid concerns about an economic downturn, a new report from Insider has more details about the company’s internal plans. The report claims that Apple has “paused almost all hiring,” and this freeze could remain in effect through late 2023…

Tim Cook has said that Apple has slowed its hiring rates amid broader concerns about the economy, but that it would still be hiring on a “deliberate basis.” Bloomberg previously reported that Apple laid off a number of recruitment contractors. Today’s report says that Apple is actually planning more of a slowdown than it has acknowledged publicly.

Citing “three sources with close knowledge of conversations” says that Apple has informed staff across multiple divisions that it “won’t be onboarding new hires for a number of months.” This hiring freeze could run through the end of Apple’s fiscal year, which comes to a close in September 2023.

The sources told Insider:

This person — who has direct knowledge of internal conversations at the tech behemoth — said Apple had designated “no budget” for additional headcount for company positions in the coming year. The person characterized the company as being in a hiring “freeze.”

The second source, who has knowledge of multiple high-level conversations inside Apple, agreed that it’s experiencing a hiring freeze. The third source — a person who was pursuing a senior-level position at the company — said they had been told by a high-ranking divisional leader that “budgets are under review.” Other Apple executives reiterated similar messaging in private conversations, the third source added.

In a statement to Insideran Apple spokesperson reiterated what Tim Cook has been publicly saying:

“We are continuing to hire but given the economic environment we are taking a very deliberate approach in some parts of the business,” the spokesperson said. “We are very confident in Apple’s future and are investing for the long term. We want to be thoughtful and make smart decisions that enable us to continue fueling innovation for the long term.”

The sources inside Apple, however, also pointed out that Apple is being “cautious in how it characterizes hiring pauses or slowdowns, because conceding such moves could put a further dent in the company’s stock price.”

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Naveen Kumar

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