The Blubber

Per CNBC

While other tech companies have been letting go of staff left and right, Tim Cook, the CEO of Apple, assures its workers that this is not something the company was considering. The CEO highlighted that mass layoffs would be a "last resort."

Cook gave a statement to Steve Kovach of CNBC, explaining the company's stance regarding layoffs. This comes as some of the company's biggest competitors have been cutting thousands of employees this year alone.

Cook: “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,”

Here are some companies that have laid off a chunk of their staff this year.

• Alphabet
• Amazon
• Meta
• Microsoft

Although the Apple CEO didn't say layoffs were out of possibility, he referred to it as a "last resort." He then explained that the company was still hiring and pushing its expansion efforts.

Cook: “We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before... And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it.”

In mid-March, it was reported that Apple would delay its bonuses and expand its hiring freeze. They also decided to change the bonus and promotion schedule for its employees in some corporate divisions to just once a year from its previous twice a year.

In November, Tim Cook made a huge decision, and this was to start sourcing its chips from Arizona. This came at a time when an Arizona plant was under construction, which comes as the company was trying to reduce its reliance on Asian production.

They noted that the plant would start in 2024 and that they would also look to source their chips from Europe. During that time, it was noted that Cook was likely referring to the TSMC Arizona plant.

See flow at unusualwhales.com/flow.

Other News:

• Apple CEO says it’s made decision to source chips from Arizona
• Apple, $AAPL, to delay bonuses, expand hiring freeze

Resources:

CNBC