Apple Sees Strong Earnings Despite Economic Headwinds

After navigating the tech bubble’s deflation, Apple is showing impressive growth with a 19.7% workforce increase from 2020 to 2022. Still, CEO Tim Cook notes that the company is hiring at a lower rate than before and has had to trim employee bonuses and positions in its corporate retail division. However, Apple has not felt the same pressure to implement mass job cuts seen by industry peers like Alphabet, Amazon, and Microsoft. In Q2 of 2023, Apple saw overall sales drop, but iPhone sales exceeded expectations by generating $51.33 billion in revenue. Apple’s services division is showing strong growth, now accounting for 22% of all revenues. With prospects high for wearables and home services, Apple’s strategic plans focus on maintaining growth, rather than layoffs.