In the latest news from the tech labour market, various news agencies reported that Apple Inc has laid off nearly 100 contract workers in the last week.
Contract workers who got laid off were part of recruiting. According to various analyses, the latest layoff by the American tech giant is part of the company’s decision to cut costs and extra expenses.
Apple Inc reportedly told the contract workers that the cutdown in the workforce was part of the reallocation of resources. The reallocation of resources by the tech company is expected to square off the current business needs of the company.
Earlier, the iPhone maker Apple had decided to curb vacancies in certain divisions amid recession fears.
During Apple’s earnings conference call, Chief Executive Officer Tim Cook also confirmed that the company would be more “deliberate” in its spending — even as it keeps investing in some areas.
“We believe in investing through the downturn. And so we’ll continue to hire people and invest in areas, but we are being more deliberate in doing so in recognition of the realities of the environment”, Cook told analysts.
Other tech companies that have either laid off employees or slowed hiring in the current economic downturn include LinkedIn, Meta, Oracle, Twitter, Nvidia, Snap, Uber, Spotify, Intel and Salesforce, among others.
Employees of another tech giant, Google Inc, are also in fear of large-scale layoffs as the senior leadership of Google Cloud reportedly warned the employees in the sales team that there would be “blood on the streets” if the earnings in the third quarter are not as high as expected.
Chief Executive Officer of Google Inc, Sundar Pichai, in a meeting with the entire staff at Google informed them about the need to increase productivity and quality of services. Sundar Pichai reportedly asked employees to help him and the company find ways to improve the quality of customers’ services.
Pichai had earlier said that macroeconomic conditions are going to be unfavourable for some time more in the future.
A few days ago, Microsoft decided to lay off 200 employees from its team related to win customers back.
200 workers at ‘Modern Life Initiative have reportedly been asked by the tech company to find another job within 60 days.
The back-to-back layoffs and hiring freeze by the tech companies are part of its strategy and objective to cut costs and expenses which drain out resources.
Tech companies have been facing challenges for the past few months macroeconomic conditions around the world stays highly volatile.