Mass Layoffs Are Last Resort, Says Tim Cook Cook's statement comes amid ongoing cost-cutting measures and a slowdown in hiring at the tech giant

As technology companies continue to follow the trend of layoffs as part of their economic stabilization, Apple CEO Tim Cook has declared that mass layoffs are a "last resort" at his company. Cook's statement comes amid ongoing cost-cutting measures and a slowdown in hiring at the tech giant.

In an interview with CNBC, Cook was quoted as saying, ""Mass layoffs are the last resort for the company. It is not something that we're talking about at this moment. Apple has slowed down hiring and we are continuing to be extremely prudent in hiring."

He further noted that, "We're continuing to hire, just at a lower clip level than we were before. And we're doing all the right things by challenging the things that we spend, and we're just finding a few more ways to save on it."

According to reports, Apple fired a few employees in its corporate retail division in early April and has delayed bonuses to its employees. Tech companies hired in great numbers during the pandemic, however, Apple did not do the same and found itself in a better position than other tech giants.

According to CNBC, one of the main reasons why Apple is currently at a better position than its rivals might be the slowdown on hiring during the Covid pandemic.

In April, Bloomberg had reported quoting people with knowledge of the matter that the company was eliminating a small number of roles within its corporate retail teams. Those groups were responsible for the construction and upkeep of Apple retail stores and other facilities around the world.

In the quarter ended April 2023, the iPhone maker reported a net profit of $24 billion and revenue of $94 billion. Also, iPhone sales reportedly jumped by 1.5% to $51.33 billion during the quarter and that boost majorly accounted for the company's impressive quarterly results.