Apple is delaying bonuses, limiting hiring to cut costs: Report 

After Google, Meta, and Microsoft, Apple is moving to cut its operating costs amid dwindling demands due to fears of recession. The iPhone maker is delaying bonuses for some corporate divisions and expanding a cost-cutting effort, Bloomberg reported on Tuesday. According to the report, the shift will reduce the frequency of bonuses for a portion of Apple's corporate workforce. Also, the company is limiting hiring for more jobs and leaving additional positions open when employees leave.

Also Read: Meta to lay off 10,000 employees in second round of job cuts, says CEO Mark Zuckerberg

In the past, the Cupertino-headquartered tech giant doled out bonuses and promotions once or twice per year depending on the division. The employees in some divisions got bonuses twice a year in April and October. But under the new plan, the report said that the group won't see bonuses or promotions next month, and all divisions will move to an annual schedule — with the payments occurring only in October.

The majority of Apple's divisions had already moved to a once-a-year schedule for bonuses and promotions, including software engineering and services, but staff in operations, corporate retail, and other groups had still been on the outgoing biannual plan, the report added.

Apple is the latest to join the league of firms that have taken to reduce costs as the demand has been hit by a combination of factors post-Covid.

Just on Tuesday, Meta announced further job cuts to improve its "financial performance in a difficult environment". "We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired," CEO Mark Zuckerburg said. This is in addition to the 11,000 employees that the tech giant fired just months ago.