Why Apple's Tim Cook has not cut workforce amid mass layoffs
San Francisco, Jan 31 (IANS) As every Big Tech company has announced job cuts running into thousands, Apple (NASDAQ: AAPL ) is yet to do so and may not plan to terminate employees as it never hired at the pace at which other tech giants did, according to analysts.
Wedbush tech analyst Dan Ives said that Apple CEO Tim Cook, who has taken a hefty salary cut by more than 40 per cent in 2023, didn't overhire during the pandemic, reports Yahoo Finance.
"Apple never hired at the pace of these other tech giants. You'll see cost-cutting around the edges, but Cupertino -- I mean, they're tacticians... I think it just shows why Cook is a Hall of Fame CEO," Ives was quoted as saying in the report.
"I think he's able to navigate another situation here in terms of not needing to do the layoffs that other tech firms have done," the analysts further said.
Apple's employee count went up by about 7 per cent in 2022 compared to 2021.
Cook has already taken a huge pay cut of $35 million, or more than 40 per cent of his compensation.
According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cook's pay will drop from $84 million in 2022 to $49 million in 2023, at his own recommendation.
Like many other tech companies, Apple has also been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
All eyes are now on Apple quarterly results on February 2.
As per the data by layoffs tracking site Layoffs.fyi, 219 companies have laid off more than 68,000 employees in January so far.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or