Analyst Mark Gurman claims that in order to avoid mass layoffs, Apple is delaying bonuses and postponing projects, while reining in budgets, limiting hiring, and pausing employee transfers between departments.
It has also reduced travel budgets, with senior executive approval necessary for trips, and is cracking down on office attendance.
The company has reportedly shelved plans for new home devices, including a HomePod with a screen, until next year at the earliest.
Gurman believes Apple executives are trying to cut costs to avoid layoffs, which could signal a strategic error or a worsening global economy.