'Hall of Fame' Apple CEO will avoid layoffs, claims analyst
One analyst is rather taken by Tim Cook's approach to hiring.
One has been conspicuously silent as other tech CEOs continue to announce sweeping layoffs throughout their companies. Apple CEO Tim Cook hasn't had to announce any firings, despite the current economic situation.
And one analyst expects things to stay that way thanks to Apple's "Hall of Fame CEO."
"Apple never hired at the pace of these other tech giants," Wedbush tech analyst Dan Ives said on Yahoo Finance Live. "You'll see cost-cutting around the edges, but Cupertino — I mean, they're tacticians...I think it just shows why Cook is a Hall of Fame CEO."
In the interview with Yahoo (opens in new tab), Ives says that he doesn't expect Cook to go through the same firing spree that other tech CEOs have.
Jefferies analyst Brent Thill notes that the firings are happening because other companies overestimated company growth, bulking up at a time when they didn't need to. "As growth expectations have tapered, companies have realized they over-hired during the pandemic and need to reduce headcount in order to regain operating efficiency with a headcount that matches current demand trends," Thill said in a research note.
This hopefully means that as Apple gets ready to announce its best iPhones ever later this year, employees can concentrate on the work at hand and not on whether they will have a job tomorrow or next week.
By comparison, Meta recently announced layoffs of around 10,000, while Snap reduced its workforce by about 20% in late 2022. Amazon and other companies have also followed suit.
However, despite expected relatively poor December quarter revenues (opens in new tab), it isn't likely Apple will have to do the same, which is a good thing. Ives believes that Cook is the one to thank for that, and he might be correct.
Get more iMore in your inbox!
Our news, reviews, opinions, and easy to follow guides can turn any iPhone owner into an Apple aficionado
Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.