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Tim Cook: Mass Layoffs Are a 'Last Resort' for Apple Cook spoke out on the low possibility of job cuts after a strong Q2 2023 earnings report.

By Emily Rella Edited by Jessica Thomas

Getty Images

As layoffs continue to plague major tech companies, one tech giant in particular seems to be narrowly avoiding axing employees, at least according to its CEO.

Apple reported strong Q2 2023 earnings on Thursday, generating $24 billion in net income on $95 billion in total quarterly revenue. Apple CEO Tim Cook told CNBC the company has no plans for mass layoffs at this point.

Cook explained that layoffs are a "last resort" for the company, but it is looking to cut costs elsewhere.

"Mass layoffs is not something that we're talking about at this moment," Cook told the outlet. "We're continuing to be extremely prudent on hiring. We're continuing to hire, just at a lower clip level than we were before. And we're doing all the right things of challenging the things that we spend, and we're just finding a few more ways to save on it."

Related: Apple Is Reportedly Beginning a Small Round of Layoffs

Apple's latest quarterly report did see overall sales drop, but iPhone sales in particular exceeded expectations, generating roughly $51.33 billion in revenue versus the $48.84 billion that was expected.

"We are determined to do our best work on behalf of our customers and to give them the tools that can enrich lives," Cook said during an earnings call. "So we will manage for the long term, just as we always have, with our eyes to the horizon, with limitless creativity, and with a deep belief that we can achieve anything we put our minds to."

Last month, Insider reported that employees within Apple's corporate retail division were told that they must reapply for their jobs or risk losing them in what management called an "org change," though it was not explicitly described as layoffs.

Apple did not comment on the matter.

As of Friday morning, Apple was up more than 10.3% year over year.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

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