CUPERTINO (dpa-AFX) - IPhone maker Apple (AAPL) has laid off about 100 contract-based recruiters in the last week in an effort to slow down hiring and spending, as per reports. The recruiters, who are responsible for hiring new employees at the company, were told that the layoffs are part of the changes to Apple's business needs, according to the report.
Though the move is unusual for the California-based tech giant, Apple is not the only company slowing down hiring. Other big companies like Microsoft, Amazon, Meta, and Oracle have also slowed down their hiring or cut back on some departments in recent months as they deal with inflation and tighten their belts ahead of a potential economic downturn.
Apple CEO Tim Cook said, 'We do see inflation in our cost structure. We see it in things like logistics and wages and certain silicon components. And we're still hiring, but we're doing it on a deliberate basis.'
Not all of the company's contractors were let go, and Apple is still keeping its full-time recruiters on board, according to the report. The terminated contractors will receive benefits and pay for two more weeks, the reports added.
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