As Apple slows down hiring, Tim Cook says mass layoffs are 'last resort'

As technology companies worldwide continue to conduct layoffs, Apple CEO Tim Cook has said that mass layoffs are a "last resort" for the company.

Regardless, Apple has been working to reduce costs and a significant slowdown in its hiring has been registered.

Speaking to CNBC, Cook said that he looks at layoffs "as a last resort" and "mass layoffs are not something that we are talking about at this moment".

"We're continuing to hire, just at a lower clip level than we were before. And we're doing all the right things by challenging the things that we spend, and we're just finding a few more ways to save on it," the Apple CEO was quoted as saying.

According to reports, Apple fired a few employees in its corporate retail division in early April.

In addition to this, Apple has delayed bonuses to its employees. Tech companies hired in great numbers during the pandemic, however, Apple did not do the same and finds itself in a better position than other tech giants.

Apple reported a record revenue of $94.8 billion for its March quarter which was better than expectations.

The company sold iPhones worth $51.3 billion in the March quarter, a record for the company. Apple services also set an all-time record with $20.9 billion in the March quarter.

"We achieved all-time revenue records across App Store, Apple Music, iCloud and payment services. And now, with more than 975 million paid subscriptions, we're reaching even more people with our lineup of services," Cook informed.

Apple Mac recorded $7.2 billion in revenue, in line with the company's expectations and iPad revenue was $6.7 billion. Across wearables, home and accessories, revenue was $8.8 billion.