Winning Bizness Desk

Mumbai. Many companies are seeing the impact of the current global economic recession and therefore, many companies are cutting employees. Many big companies like Facebook, Twitter, and Amazon have faced financial crises due to the Corona pandemic and due to this, many companies are following a cost-cutting formula. Apple's CEO Tim Cook has also said that now Apple will also give coconuts to its employees. It is also said that the biggest layoff in Apple is going to happen. It is said that this staff will be reduced for cost cutting. According to reports, Tim Cook said in a recent interview that 'the current layoffs are not something new that we should be discussing, they are being cut as a last resort'. Also, the decision to reduce staff has been taken in many companies. Tim Cook also said that the employees who will be fired should try to find jobs in other departments as soon as possible.

Revenue slashed

Earlier last month, Apple cut some of its employees. It is also said that since Apple, unlike other companies, did not hire additional employees during the Corona period, the reduction of employees in Apple is less than other companies. Apple's March quarter earnings were released earlier last week. Apple reported its results for the quarter through March, and reported revenue of $94.8 billion in the first quarter of this year. But this revenue is less than 3 percent of the annual revenue as per the analysis done by the experts. While Apple is said to have made a good start by earning a profit of 24 billion dollars.

Signs of recession

In the US, IT sector companies are showing signs of recession. Many people have already said that this year is a recession. It is seen that it is now gaining recognition. Apple's profit for this quarter was expected to drop significantly. That is why the information is coming out that this company is going to cut down a lot of staff in the next few days.