Apple Inc (NASDAQ:AAPL) plans to pull back hiring and investment in 2023 in anticipation of a possible economic downturn, according to reports.
Under moves being mulled, the iPhone maker would slow recruitment and spending in only some divisions, the Bloomberg report stated.
An "aggressive" product launch is scheduled for the year, including its virtual reality (VR) and augmented reality (AR) headsets.
Apple's last hiring cutbacks were in 2019 after iPhone sales missed expectations.
At the time of its previous earnings release, CEO Tim Cook said the company was “seeing inflation” having an impact on profit margins, though its first-quarter numbers still broke records.
Several other tech giants have made similar moves to slow hiring, with Google owner Alphabet telling staff last week that the brakes will be on recruitment for the rest of the year due to global macroeconomic conditions.
At the start of the month, Meta Platforms Inc, the owner of Facebook and Instagram, cut its hiring plans by at least 30% this year, with chief executive Mark Zuckerberg warning workers to prepare for "one of the worst downturns in recent history".
Amazon.com Inc and Snap Inc (NYSE:SNAP) have also made comparable moves, while Tesla Inc (NASDAQ:TSLA) boss Elon Musk warned he had a "super bad feeling" about a possible recession.