Apple Reportedly Cuts Some Jobs In Corporate Retail Teams: Have Layoffs Finally Reached The iPhone Maker? - Apple (NASDAQ:AAPL)

Apple Inc AAPL is slashing some roles in its corporate retail teams, embarking on the first such layoffs since it began cost-cutting last year.

What Happened: The affected positions are in the company’s development and preservation teams, reported Bloomberg, citing people familiar with the matter.

These groups are reportedly responsible for the building and maintenance of the company’s retail stores and other facilities.

The Tim Cook-led company has told employees that the elimination of the positions is a part of its streamlining efforts and the move was aimed at improving the upkeep of retail facilities around the world, according to the report.

Apple told the employees in the groups that they would have the ability to reapply for some jobs similar to their previous employment. Those who don’t take on the new roles will get four months of pay, reported Bloomberg.

Apple did not immediately respond to Benzinga’s request for comment.

Why It Matters: Apple employed 164,000 people as of September 2022, and didn’t expand its workforce. The Cupertino, California-based tech giant is also cutting some management roles. The affected staff members could be rehired as individual contributors, but the compensation would differ, reported Bloomberg, citing anonymous sources.

Large tech firms have been laying off thousands of workers this year. In 2023, Microsoft announced the elimination of 10,000 roles, Amazon.com, Inc laid off 18,000 workers while Google parent Alphabet has shed 12,000 jobs.

There are fears that Meta Platforms, which owns Facebook and Instagram, which laid off 13% of its workforce last year, could lay off even more staff this year.

Price Action: On Monday, Apple shares closed 0.8% higher, at $166.17, in the regular session, and fell 0.1% in the after-hours trading, according to Benzinga Pro data.

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