Apple sees layoff as a "last resort": Tim Cook, Apple CEO

Tim Cook, Apple CEO, has suggested that the company sees the layoffs as a "last resort", even though the tech giant has taken drastic steps to cut hiring. While Apple has laid off a few employees in the retail division, the tech giant is doing relatively better than competitors such as Amazon, Meta, and Google, which have abruptly laid off thousands of employees due to the poor economy and rising labour costs inflation. Companies have sometimes stated that poor hiring decisions were made in the past two years. On the other hand, Apple carefully hired during the peak years of COVID-19 (between 2020 and 2022). Apple had 164,000 employees as of September 2022, an increase of 6.5% over the same period in 2021.

However, many fear Apple is not immune to layoffs, as its revenue fell 3 per cent (YOY) to $94.8 billion in the most recent quarter. During an interview, Cook explained that Apple has been "extremely cautious" about cutting costs. Add, FOR

However, the company remains bullish on growth as it now focuses on emerging markets like India. Last month, the company opened its first retail stores in Delhi and Mumbai. Apple is slowly moving some of its manufacturing units to India to avoid complete reliance on China. India is one of the countries where Apple has yet to expand its services fully. Some of Apple's best-known services, such as Fitness Plus and Pay, News, remain unavailable in the country and could launch in the next few years. Therefore, the scope is infinite for the company if you plan your moves correctly.

During the Q2 2023 financial results conference call, Cook called India an "incredibly exciting market" and an "important focus for the company."

Tim Cook noted that India set a quarterly record, growing strongly "with double digits year-over-year." He also shared about his recent visit to India to inaugurate the stores. "It's a major focus for us. I was just there, and the dynamism in the market, the vibrancy is unbelievable," he said.

During last week's investor, Cook also praised the AI potential, referring to the viral ChatGPT chatbot. Apple already offers its virtual assistant AI Siri on many devices. In addition, some of its health and wellness-focused features, such as Apple Watch's fall detection, accident detection, and ECG, are based on AI tech.