The iPhone maker has avoided the kind of mass layoffs underway at most of its tech peers, but it has reduced budgets, cut headcount goals and paused hiring.
Apple is delaying bonuses for some corporate divisions and expanding a cost-cutting effort, joining Silicon Valley peers in trying to streamline operations during uncertain times, according to people with knowledge of the situation.
The majority of Apple’s divisions had already moved to a once-a-year schedule for bonuses and promotions, including software engineering and services, but staff in operations, corporate retail and other groups had still been on the outgoing biannual plan. Apple is facing a sales slowdown, adding pressure to keep its operations lean. Revenue declined 5 per cent during the holiday quarter, a steeper drop than Wall Street projected, hurt by iPhone production snags and sluggish demand for Macs and wearable devices. Sales are expected to fall by a similar amount in the current period.
Still, Apple employees have generally been in a less precarious position than those at other big Silicon Valley companies, such as
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