Apple to reduce hiring as other TECH GIANT companies

 

In order to better manage the impending economic slump, Apple Inc. plans to reduce hiring and investment in several sectors in the coming year, according to a report from Bloomberg News. According to Bloomberg, an unspecified number of unidentified sources with "knowledge of the situation" have informed them about the impending pause.

At a time when many large tech employers are implementing hiring freezes and even layoffs, the company's reported hiring and spending slowdowns are timely. Alphabet Inc., Google's parent firm, announced its own hiring pause in a letter to staff members last week. Meta announced plans to reduce recruiting by 30% earlier this summer. Shortly after, the dominant social media platform started recommending bosses to fire under performing employees. And ten days ago, Twitter fired a third of its hiring staff. Netflix has seen several waves of layoffs.

In the current economic climate, smaller tech firms and startups appear to be suffering even more. Bird, a business that makes electric scooters, recently let go of close to a quarter of its entire workforce. Master Class, a provider of online education, laid off 20% of its staff. The list (PayPal) is endless (Cameo).

 

You may also have noticed that none of the aforementioned points directly address the upheaval, widespread layoffs, and shutdowns that are taking place in the blockchain and cryptocurrency industries.

 

As long as the Silicon Valley boom was going strong, the technology sector appeared to be almost immune to economic downturns. However, given the pressures of an ongoing global pandemic, disruption of supply chains on a global scale, Russia's conflict in Ukraine, extremely high U.S. inflation, and the looming possibility of a recession, it appears that we are solidly in greater trouble than ever.