An Apple A Day Keeps the Jobs Okay – Apple Continues to Withstand Tech Layoffs
Amid the current climate of tech’s largest corporations, there has been one performer who has not yet purged their headcounts to cut costs. Apple has remained resilient throughout this past bear market, beating the likes of Netflix, Google, Microsoft, Meta, and Amazon in regard to keeping their staff. Throughout even today’s recent job cuts by Spotify and Gemini, how has Apple been able to keep its current workforce? Throughout the hiring surges following the pandemic, Apple had strategically conducted its own recruiting at a much slower rate. Although the current business environment has affected them, they reported positive quarterly sales growth for over three years, but this is likely subject to change following their company guidance for Q4.
Regardless, from September 2019 to September 2022, Apple’s headcount grew 20%, which is minute compared to the over 50% increases from Microsoft and Google and the nearly 100% increases from Amazon and Meta. This has helped them keep the labor they currently have while reporting relatively decent earnings, however, they have made efforts to cut costs in other ways. They have decreased employee perks and focused largely on selling their staple products; other firms such as Meta had invested large sums of capital into innovative, longer-term projects that have cost them their margins seen throughout the past year. As economic realities continue to plague several businesses, Apple’s future isn’t safe and sound, however, they have shown significant perseverance the past year compared to several of their peers.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.