Highlights

  • Apple is the latest Silicon Valley firm to respond to escalating recession fears by reevaluating its workforce
  • Apple shares fell nearly 2%

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Apple shares fell nearly 2% to $147.39 within 20 minutes of the report’s publication

Making the latest big tech company to shift its hiring plans, Apple Inc is planning to slow hiring in 2023.

The potential move would see Apple - the world's most valuable company - join a growing pool of American corporations including Meta Platforms (META.O) and Tesla Inc (TSLA.O) in slowing hiring.

This EdTech startup shuts its operation, fires all the employees

According to reports, the move comes after Apple was still planning an aggressive product launch schedule in 2023 that includes a mixed-reality headset, its first major new category since 2015.

The iPhone maker is looking to limit expenditures and job growth at some of its divisions.

The more cautious stance mimics the approach of its tech peers, including Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp., which have all taken steps to decelerate spending.

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