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Apple reportedly plans to slow hiring, spending growth next year as recession looms

Monday July 18, 2022. 10:00 PM , from Mac Daily News
Apple plans to slow hiring and spending growth next year in some divisions to cope with a looming recession, Mark Gurman reports Monday for Bloomberg News citing “people with knowledge of the matter.”
Apple Park in Cupertino, California
Mark Gurman for Bloomberg News:

The decision stems from a move to be more careful during uncertain times, though it isn’t a companywide policy, said the people, who asked not to be identified because the deliberations are private. The changes won’t affect all teams, and Apple is still planning an aggressive product launch schedule in 2023 that includes a mixed-reality headset, its first major new category since 2015.
Still, the more cautious tone is notable for Apple, a company that has generally beat Wall Street predictions during the Covid-19 pandemic and has weathered past economic turmoil better than many peers.
Apple shares fell as much as 2% to $147.20 after Bloomberg reported on the slowdown.
Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Snap Inc. and other tech companies have taken their own steps in recent weeks to rein in budgets and decelerate hiring. Microsoft Corp., Tesla Inc. and Meta have gone as far as to cut jobs — something Apple hasn’t historically done.
Apple, based in Cupertino, California, allocates a certain amount of money to each major division annually for spending on research and development, resources and hiring. For 2023, it’s giving select teams a lower-than-expected budget.

MacDailyNews Take: This is a non-story carefully written to cast Apple in a bad light. FUD.
“How many “select teams?” Forty? Twenty? Or two?
Which “select teams?” (Likely those teams that are already at least 2X overstaffed after years of runaway growth and hiring.)
As stated in the report this “isn’t a companywide policy.”
We’ve had one of these before, when the dot-com bubble burst. What I told our company was that we were just going to invest our way through the downturn, that we weren’t going to lay off people, that we’d taken a tremendous amount of effort to get them into Apple in the first place — the last thing we were going to do is lay them off. And we were going to keep funding. In fact we were going to up our R&D budget so that we would be ahead of our competitors when the downturn was over. And that’s exactly what we did. And it worked. And that’s exactly what we’ll do this time. — Steve Jobs, February 2008
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The post Apple reportedly plans to slow hiring, spending growth next year as recession looms appeared first on MacDailyNews.
https://macdailynews.com/2022/07/18/apple-reportedly-plans-to-slow-hiring-spending-growth-next-year-...
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