The tech industry slump is still making headlines, with companies continuing to conduct layoffs in response. However, in comparison to its peers, Apple’s strategic approach makes it the only major tech giant that hasn't made huge cuts to its team.
According to its SEC filings, the company only hired 10,000 new employees between September 2021 and September 2022, which is way below the numbers that Amazon, Google and other big tech companies have hired over the same period.
Apple grew much more slowly during the pandemic, increasing its workforce only by 6.5% to a total of 164,000 employees. Apple also hired sparingly in 2020, adding fewer than 7,000 employees.
This lull in hiring, however, has proven beneficial in the medium run, as the company has not had to resort to as many layoffs as its competitors in the face of the current market slowdown.
Proving to be in a better spot than the rest of the companies, Apple's primary business is in selling phones, tablets and computers, and not advertising. Meta and Twitter are among those who have been heavily impacted (including larger layoffs) by the whims of digital advertising.
Moreover, the iPhone creator’s physical footprint is relatively small when compared to Amazon's massive network of warehouses and logistics hubs, and its product manufacturing is outsourced to third parties. Most of the smartphone components go to Apple manufacturing locations in China, the Czech Republic, Malaysia, Thailand and South Korea, among others.
As of January 2023, Apple has a market cap of US$2 trillion.