Apple CEO Tim Cook arrives at the premiere of ‘Ted Lasso’ Season 3 at the Regency Village Theater in Los Angeles, California on March 7, 2023.
Michael Tran | Afp | Getty Images
Apple is delaying bonuses for some of its employees, according to a new Bloomberg report.
According to the report, some teams have been on a biannual schedule with payments in April and October, but will now receive the full amount in the fall. Apple is also keeping a closer eye on travel budgets and leaving unfilled vacancies, according to the report.
The shift is the latest example of Apple cutting costs and keeping a close eye on corporate spending as rivals such as Google, Meta and Amazon cut back during a tough period for the tech industry.
Apple hasn’t laid off employees, but it has dramatically slowed hiring in many divisions outside of engineering.
“Well, we invest for the long term and we manage the company for the long term. And so if you look at what we do, we also recognize that the environment we’re in is tough. And that’s why we cut costs. We are cutting back on hiring. We are very careful and considerate about the people we hire. So, a number of departments in the company are not hiring at all,” Cook told CNBC in February.
“Others hire those who are mainly related to engineering. And that’s why we act prudently and thoughtfully. If you look at our operating expense guidance last quarter or what we said we were going to do this quarter, we got half a billion dollars under it. And that’s why we’re squeezing out value,” he continued.
Last month, Apple reported earnings for the December quarter that were about 5% lower than in 2021, marking the first year-over-year decline in revenue since 2019.
An Apple representative declined to comment.
