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Why is Apple an outlier amid mass layoffs by Big Tech companies

Wedbush tech analyst Dan Ives said that Apple CEO Tim Cook, who has taken a hefty salary cut by more than 40 per cent in 2023, didn't overhire during the pandemic, reported Yahoo Finance. Cook has already taken a huge pay cut of $35 million, or more than 40 per cent of his compensation

Source | economictimes.indiatimes.com | ET Online

Every Big Tech company from Google parent Alphabet to Amazon have announced cutting thousands of jobs, but Apple has yet to announce layoffs and may not do so, according to analysts.

The iPhone maker may not sack employees as it did not hire at the pace at which other tech giants did, Yahoo Finance reported citing analysts.

Wedbush tech analyst Dan Ives said that Apple CEO¬†Tim Cook, who has taken a hefty salary cut by more than 40 per cent in 2023, didn’t overhire during the pandemic, reported Yahoo Finance. Cook has already taken a huge pay cut of $35 million, or more than 40 per cent of his compensation.

“Apple never hired at the pace of these other tech giants. You’ll see cost-cutting around the edges, but Cupertino — I mean, they’re tacticians… I think it just shows why Cook is a Hall of Fame CEO,” Ives was quoted as saying in the report. “I think he’s able to navigate another situation here in terms of not needing to do the layoffs that other tech firms have done,” the analysts further said.

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