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Apple Reportedly Plans to Slow Hiring and Spending for Some Teams in 2023

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Apple plans to slow hiring and spending next year in some divisions due to potential economic downturn, according to Bloomberg's Mark Gurman. The report claims the decision is not a companywide policy and will not affect all teams within Apple.

Apple-Park-View.jpeg

The report claims that Apple is giving select teams a "lower-than-expected budget" for spending on research and development, resources, and hiring in 2023, and adds that some teams will not be expanding or maintaining their headcount next year.

Apple is still planning an "aggressive" schedule of product launches in 2023, including a widely rumored AR/VR headset, according to Gurman.

Apple's alleged plans to slow hiring and spending in 2023 comes amid especially uncertain times, with the COVID-19 pandemic, Russo-Ukrainian War, and high inflation driving concerns about lower consumer spending and a recession.

Apple shares were trading nearly 2% lower following the report.

A few months ago, Apple reported its best March quarter ever, with $97.3 billion in revenue and $25 billion in profit. Apple is set to report its earnings results for the June quarter on July 28 at approximately 1:30 p.m. Pacific Time.

Bloomberg updated its report with additional information. This story has been updated accordingly.

Article Link: Apple Reportedly Plans to Slow Hiring and Spending for Some Teams in 2023
 
Article Link
https://www.macrumors.com/2022/07/18/apple-to-slow-hiring-spending-report/
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Shirasaki

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I bet WFH heavily skews the decision here. And I’m genuinely surprised to see Apple need to “slow spending”. What? With millions of apple cults supporting them unconditionally every year, they somehow run low on cash?
 
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swester

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Funny how every headline 6 months ago was noting how hiring was unstoppable across the tech industry, and companies couldn't fill roles fast enough. Funny how the headlines change so quickly. I'm guessing in another 6 months we'll see coverage of the 'surge' in spending again? 😆
 
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TheYayAreaLiving 🎗️

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Realityck said:
Looking at the earnings and employment stats, we don't have a recession. The continued caution with covid effecting work activities is likely Apple plans to slow hiring.
Click to expand...
Maybe Apple is just tired of people requesting to work from home and not come into the office? However, so many people are happy working from home.
 
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Realityck

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TheYayAreaLiving 🎗 said:
Maybe Apple is just tired of people requesting to work from home and not come into the office? However, so many people are happy working from home.
Click to expand...
I have a neighbor that works for Apple from home, and she wishes to be back as it was before not like it is now. Not that far to commute to campus. The usual types that complain are the long commuters, but Apple has many workers that don't live too far because Silicon Valley is so spread out here in the south bay. So yes being stuck at home gets to you after awhile.
 
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Mr. Dee

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Is that a Rene Russo or Rene Ritchie - Ukraine War. 😄

Anyway, I think we are heading into a recession, so we better hang on tight. I am not putting any more money in my investments right now since there is no growth. It’s just keeps fluctuating.

Make sure you buy whatever Apple products you truly need now and take care of them for the long run. I am even contemplating whether I will bother with my scheduled iPhone upgrade next year. More likely to run my existing iPhone X into the ground.
 
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Mr. Dee

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Realityck said:
I have a neighbor that works for Apple from home, and she wishes to be back as it was before not like it is now. Not that far to commute to campus. The usual types that complain are the long commuters, but Apple has many workers that don't live too far because Silicon Valley is so spread out here in the south bay. So yes being stuck at home gets to you after awhile.
Click to expand...
I remember visiting Apple Park in San Jose from San Francisco. If I had to do that commute everyday, I would prefer to work from home. Didn’t seem like a cute ride to get there. I understand the benefits of the white buses and we gotta keep in mind getting stuck in traffic during rush hour.

I do feel it for the executives who approved the 5 billion to build the campus. It’s like money wasted. But, that’s life.
 
Realityck

Realityck

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Mr. Dee said:
Anyway, I think we are heading into a recession, so we better hang on tight. I am not putting any more money in my investments right now since there is no growth. It’s just keeps fluctuating.

Make sure you buy whatever Apple products you truly need now and take care of them for the long run. I am even contemplating whether I will bother with my scheduled iPhone upgrade next year. More likely to run my existing iPhone X into the ground.
Click to expand...
Recession is defined as macroeconomic term that refers to a significant decline in general economic activity in a designated region. Covid effecting manufacturing activities in China and elsewhere is not effecting USA employment numbers. Inflation is cause by goods being impacted by demand vs availability and most of that stems from China and also the higher diesel spot prices that affect how much it costs to transport goods to stores. Apple won't be raising prices on iPhones much, it more likely they will be able to economize their products by not incorporating so much for every model release. :)
 
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JPack

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Pretty much every tech giant warned its investors over the past few months. They aren't all stupid.

  • TSMC - "excessive inventory" at its clients
  • Micron - "significant reduction in industry bit demand"
  • Intel - expects customers to work through stockpiled inventory
  • SK Hynix - cutting capital expenditure by 25% in 2023
  • Samsung - nearly double smartphone inventory levels compared to normal
  • Acer - chip suppliers asking CEO “to buy more chips from them”
 
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Realityck

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siddavis said:
OK, but when the interest rates keep rising guess what slows down?
BTW, what are the real income stats?
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If one looks back before the Feds (USA banks) got to be real gluttons with their free money to each other, higher interest rates didn't impact employment. It was the debt swap insurance failure that started all these banks to decrease interest greatly effecting bond yields and pushing people into more risky stock market instead of money with CDs. IMHO this scam period by the feds is well due for a correction of interest rates. Also note higher interest rates didn't cause mortgage rates to go up, they went down.
 
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webkit

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Realityck said:
Looking at the earnings and employment stats, we don't have a recession.
Click to expand...

I don't think anyone is saying we "have a recession" right now.

Many use GDP declines as a recession gauge i.e., two consecutive quarters of negative GDP. GDP in Q1 declined 1.6% based on latest revision. Initial Q2 estimates will be released at the end of the month but I think it's later in the year and early next year where a "recession" seems more likely.
 
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