Apple (AAPL) is the latest tech giant that reportedly plans to slow hiring and spending growth next year to cope with a potential economic downturn. The news weighed on Apple’s stock price, which fell over 2% yesterday, and helped stall momentum in yesterday's intraday stock market rally.
The potential move to slow hiring would see Apple — the world’s largest company by market capitalization — join a growing pool of U.S. companies including Microsoft, Alphabet, Netflix, Meta Platforms, and Tesla to slow hiring.
The changes may not affect all units, and Apple is still reportedly planning an aggressive product launch schedule next year that includes a mixed-reality headset for its first major new category since 2015.
Apple will report its financial results for the June quarter next week. The maker of iPhones and iPads has a solid history of beating earnings estimates, and could be in a good position to maintain that trend when it reports next Thursday. Shares fell over 2% yesterday, and are down nearly 20% for the year so far.