Apple (NASDAQ: AAPL) intends to slow its hiring and spending growth in some divisions next year to manage the current economic climate, Bloomberg reported Monday.
Citing sources with knowledge of the matter, Bloomberg's Mark Gurman said the decision comes as a result of the tech giant attempting to be more careful during periods of economic uncertainty. However, Gurman added that it is not a company-wide policy, and the decision won't impact all teams with Apple planning an "aggressive product launch schedule in 2023."
The news comes despite the company topping Wall Street expectations during the pandemic and remaining resilient during past economic downturns.
However, Apple isn't the only major tech company to turn more frugal recently, with Alphabet, Meta, Amazon, and others working to reduce spending.
Apple is said to be giving each of its teams a lower-than-expected budget in 2023, with some divisions not increasing headcount during the year, while some teams won't be able to fill the vacancies left by departing employees.
Apple has historically invested vast sums in research and development and hiring. However, soaring inflation and supply chain challenges are expected to impact the company's latest quarter.
Apple shares have dipped over 2% following the Bloomberg report.
