The pace of layoffs worldwide shows no sign of stopping in 2024. So far this year, many renowned companies have shown the exit door to their employees. The name Apple, the tech giant and one of the world’s largest companies has also been added to the company. Apple has recently laid off more than 600 employees.
The Company Itself Gave Information
According to a Bloomberg report, Apple has also confirmed the latest layoffs. The company informed about this in a filing with the California Employment Development Department. Quoting the filing, Bloomberg’s report said Apple has laid off more than 600 employees in California. The company decided to lay off due to the closure of the car and smartwatch display project.
World’s Number 2 Company
This news of layoffs becomes serious because Apple is counted in the tech industry and among the world’s largest companies. On Thursday, Apple’s shares fell 0.49 per cent to $ 168.82 in the US market. After that, the mcap 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.
8 Information Given In Filing
Apple’s headquarters is located in Cupertino, California. According to local regulations, companies have to give information about layoffs or termination of employees. Apple disclosed the layoffs in eight filings in compliance with the Worker Adjustment and Retraining Notification (WARN Program). This compliance is required under California law.
Impact On These Employees
According to the company’s filing, at least 87 of those laid off were working at Apple’s secret facility, where next-generation screen development was taking place. The affected employees worked in another nearby building dedicated to the car project.
This Update Came This Year
There was worldwide hype about Apple’s car project. Many mobile and gadget companies are entering the vehicle market, especially the EV segment. Chinese smartphone companies like Xiaomi and Huawei have entered the EV market. Apple also presented its prototype some time ago, but earlier this year, it appeared Apple had decided to withdraw from the car project.
