Apple to slow down spending & hiring over possible economic slump

	
Even Tesla Inc. and Meta Platforms have announced plans in reducing hiring and investment.
	
Apple's iPhones continue to be among the most sold smartphones worldwide, with the company retaining a 17% market share.


Apple Inc. is reportedly planning to slow hiring and investments in some units next year to prepare for a possible economic slump. The iPhone maker is following the footsteps of American business giants, including Tesla Inc. and Meta Platforms, in reducing recruiting efforts.

According to reliable sources, Apple’s latest development may not impact most of the teams, given that the company is preparing for a new product launch in 2023 that could include a mixed-reality headset.

Apple's move to slow down operations underscores a wider downturn in investing in new companies and new products. It also indicates that these businesses are concerned about inflation and a potential economic downturn, sources claimed.

It is worth mentioning here that there has been an increase in concerns that the Federal Reserve's aggressive interest rate increases to combat an unrelenting rise in inflation could send the economy into a recession. Concerns about consumers' potential to reduce their expenditure on discretionary items like smartphones have also been sparked by price pressures.

According to experts keeping track of the business trends, the second quarter saw a 9% drop in smartphone shipments across the globe. Despite this, Apple's iPhones continue to be among the most sold smartphones, with the company retaining a 17% market share, slightly behind the current market leader Samsung.

Ahead of the upcoming holiday season, Apple normally releases a new version of its iPhone and other wearable items. The California-based business has employed over 154,000 full-time equivalent workers as of its most recent annual report.

The world’s most valuable company saw its shares fall 1.6% to USD 147.6 during the latest trading.

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https://telecom.economictimes.indiatimes.com/news/apple-to-slow-hiring-spending-for-some-teams-next-year-bloomberg-news/92969374