Apple Layoffs: Apple has reported layoffs of employees in eight separate filings in compliance with the Worker Adjustment and Retraining Notification.
New Delhi. iPhone manufacturing company Apple has fired 600 employees. Ever since the announcement of closure of car and smartwatch display projects, there were fears that the company would lay off employees. According to a Bloomberg report, filings submitted to the California Employment Development Department have revealed that Apple has fired employees. Apple started shutting down both projects in late February.
There is a crisis of retrenchment in the tech industry since last year. Companies like Twitter, Google, Amazon, Meta have fired people on a large scale. Till now Apple had avoided firing employees. The company was trying to reduce costs in other ways.
Information given in filing
Apple’s headquarters is in Cupertino, California. According to local rules, companies have to give information about layoffs or termination of employees. Apple disclosed the layoffs in eight separate filings in compliance with the Worker Adjustment and Retraining Notification. This compliance is required under California law. Companies are required to file a report with the state agency for each California address that includes employees affected by the layoffs.
Closing of projects started from February
According to Bloomberg’s report, at least 87 people were working at an address related to a secret Apple facility for next generation screen development, while others were in buildings related to the car project. 371 employees were fired from Apple’s car-related headquarters in Santa Clara, California. Apart from this, dozens of employees in many other offices were also affected by the layoffs. Some employees associated with the Apple Car project have been adjusted in other teams.
Share price fell
Layoffs in Apple are not being considered a good sign for the tech industry. Apple is counted not only in the tech industry but overall among the largest companies in the world. Apple’s shares fell 0.49 percent to $ 168.82 in the US market on Thursday. The market cap of the company was 2.61 trillion dollars. With this valuation, Apple is only behind Microsoft and is the second largest listed company in the world.
