Apple is delaying bonuses for some of its employees, according to a new report in Bloomberg.
Some teams were on a twice-a-year schedule with bonus payouts in April and October, according to the report, but now they’ll receive the full amount in the fall. Apple is also more closely watching travel budgets and leaving some unfilled positions open, according to the report.
The shift is the latest example that Apple is cutting costs and watching corporate expenses closely, as competitors such as Google, Meta and Amazon go through layoffs during a rough patch 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 run the company for the long term. And so if you look at what we’re doing, we’re also recognizing the environment that we’re in is tough. And so we’re cutting costs. We’re cutting hiring. We are being very prudent and deliberate on people that we hire. And so a number of areas in the company are not hiring at all,” Cook told CNBC in February.
“Others are hiring that are associated in engineering primarily. And so we’re being prudent and deliberate. If you look at our opex guidance last quarter, or what we said we were going to do this quarter, we came in a half a billion dollars underneath it. And so we are squeezing cost out,” he continued.
Last month, Apple announced December quarter earnings which were about 5% lower than they were in 2021, its first year-over-year revenue decline since 2019.
An Apple representative declined to comment.