Analysts say Apple CEO Tim Cook did not over-hire during the pandemic, so he has not cut the company’s workforce. File picture: Justin Sullivan Getty Images AFP
San Francisco – As every Big Tech company has announced job cuts running into thousands, Apple 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 of more than 40% in 2023, didn’t over-hire 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 lay-offs that other tech firms have done,” the analyst said.
Apple’s employee count went up by about 7% in 2022 compared with 2021.
Cook has already taken a huge pay cut of $35 million, or more than 40% of his compensation.
According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cook’s pay will drop from $84m in 2022 to $49m 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 lay-offs tracking site Layoffs.fyi, 219 companies have laid off more than 68 000 employees in January so far.
IANS
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