Wedbush calls Cook 'Hall of Fame CEO,' says no layoffs coming

AppleInsiderAppleInsider
Posted:
in General Discussion
Analyst Dan Ives says that Apple will not lay off thousands of workers as many Big Tech firms are doing, because it is so well run by Tim Cook.




Apple has made layoffs in its retail chain, specifically employees in Best Buy stores. It's also cut 100 recruiters, but it has so far avoided the mass redundancies that many major technology firms have done.

"Apple never hired at the pace of these other tech giants," Wedbush analyst Dan Ives told Yahoo Finance. "You'll see cost-cutting around the edges, but Cupertino -- I mean, they're tacticians..."

"I think it just shows why [Tim] Cook is a Hall of Fame CEO," continued Ives. "And I think he's able to navigate another situation here in terms of not needing to do the layoffs that other tech firms have done."

It has been reported that Apple was freezing hiring, and cutting budgets. However, Cook denied this, saying that instead Apple is being "very deliberate" with new recruitment.

"That means we're continuing to hire, but not everywhere in the company are we hiring," he said, before saying Apple continues to invest for the future. "We think you invest your way to it... [you can't] save your way to prosperity."

Wedbush has recently lowered its AAPL price target, citing an uncertain environment, but this was to do with demand, and with production delays in China.

Most recently, IBM announced almost 4,000 layoffs and Spotify said it is cutting 600 jobs. Amazon is laying off 18,000 workers, while Google and Microsoft are each cutting over 10,000 employees.

Read on AppleInsider

Comments

  • Reply 1 of 11
    lkrupplkrupp Posts: 10,557member
    Jobs chose well.
    hydrogenkurai_kageAlex_Vwatto_cobratyler82foadjony0
  • Reply 2 of 11
    auxioauxio Posts: 2,727member
    It seems like Apple has always "done more with less" by hiring the right people, so this would make sense.
    Alex_Vlolliverwatto_cobratyler82jony0
  • Reply 3 of 11
    robin huberrobin huber Posts: 3,957member
    Now, if he could just “think different” about unions. 
    kurai_kageAlex_Vgrandact73
  • Reply 4 of 11
    foadfoad Posts: 717member
    robin huber said:
    Now, if he could just “think different” about unions. 
    It’s a complicated subject. Unions don’t always benefit union members and are ripe for corruption. Having a union doesn’t guarantee better performance for the company or the employee. There are a ton of trade offs. I know plenty of folks that are in various unions and the results greatly vary. 

    One could argue that Apple employees benefit from the stability that Apple is providing with how leadership is running the company, especially in the current economic climate. That was also true during the recession. Apple did better than most. That being said, they have certain blind spots when it comes to remote employees, and a couple other areas. It isn’t black/white. There’s a lot of gray. We are dealing with human beings and human beings don’t always act altruistically. 
    muthuk_vanalingamlolliverFileMakerFellerwatto_cobrajony0
  • Reply 5 of 11
    hydrogenhydrogen Posts: 314member
    One thing for sure : I would not like to have the life he has, whatever the financial incentives ....
    watto_cobra
  • Reply 6 of 11
    genovellegenovelle Posts: 1,480member
    foad said:
    robin huber said:
    Now, if he could just “think different” about unions. 
    It’s a complicated subject. Unions don’t always benefit union members and are ripe for corruption. Having a union doesn’t guarantee better performance for the company or the employee. There are a ton of trade offs. I know plenty of folks that are in various unions and the results greatly vary. 

    One could argue that Apple employees benefit from the stability that Apple is providing with how leadership is running the company, especially in the current economic climate. That was also true during the recession. Apple did better than most. That being said, they have certain blind spots when it comes to remote employees, and a couple other areas. It isn’t black/white. There’s a lot of gray. We are dealing with human beings and human beings don’t always act altruistically. 
    I think if it wasn’t for their views on remote employees they would have hired far more people like their competitors and then dumped them when things got tight. Physical products designs and deep integration suffer with remote work. It shows over the last 3 years. Apple knows what they are doing. 
    FileMakerFellerwatto_cobrafoad
  • Reply 7 of 11
    foadfoad Posts: 717member
    genovelle said:
    foad said:
    robin huber said:
    Now, if he could just “think different” about unions. 
    It’s a complicated subject. Unions don’t always benefit union members and are ripe for corruption. Having a union doesn’t guarantee better performance for the company or the employee. There are a ton of trade offs. I know plenty of folks that are in various unions and the results greatly vary. 

    One could argue that Apple employees benefit from the stability that Apple is providing with how leadership is running the company, especially in the current economic climate. That was also true during the recession. Apple did better than most. That being said, they have certain blind spots when it comes to remote employees, and a couple other areas. It isn’t black/white. There’s a lot of gray. We are dealing with human beings and human beings don’t always act altruistically. 
    I think if it wasn’t for their views on remote employees they would have hired far more people like their competitors and then dumped them when things got tight. Physical products designs and deep integration suffer with remote work. It shows over the last 3 years. Apple knows what they are doing. 
    I agree in general. That being said, as someone that works remotely, it’s a balancing act. Sometimes, you can’t have everyone in the same space. A universal policy can’t cover every case. 
    watto_cobramuthuk_vanalingamhammeroftruth
  • Reply 8 of 11
    FileMakerFellerFileMakerFeller Posts: 1,546member
    AppleInsider said:
    "Apple never hired at the pace of these other tech giants," Wedbush analyst Dan Ives told Yahoo Finance. "You'll see cost-cutting around the edges, but Cupertino -- I mean, they're tacticians..."
    You mean they're strategists as well as tacticians.

    Tacticians figure out ways to achieve the goal. Strategists choose the goals to aim for. Apple excels in both areas.
    watto_cobrahydrogenfoadbadmonk
  • Reply 9 of 11
    hydrogenhydrogen Posts: 314member
    FileMakerFeller said:
    You mean they're strategists as well as tacticians.

    Tacticians figure out ways to achieve the goal. Strategists choose the goals to aim for. Apple excels in both areas.
    Apple does exactly the contrary of what is taught in business schools. They demonstrate that the key is to have appealing products, the rest are secondary issues, including the price.

    They let their competitors fall into the race to the bottom trap.
    badmonkfoad
  • Reply 10 of 11
    michelb76michelb76 Posts: 618member
    Don't they simply need the people to actually get stuff out the door? Almost every other year teams are being shoved into another department to the detriment of a product, so they can get something else out because otherwise it won't happen. Sounds like they actually need more people, not less. To me, Apple always sounds like it's spread way too thin or running on the absolute minimum.

    Meanwhile I'm still looking at bugs in my OS that have survived a decade.
  • Reply 11 of 11
    badmonkbadmonk Posts: 1,293member
    Wall Street will never get Apple.  They love it when firms lay people off, look at the bounce that FB got this week. They reward layoffs more than success.

    But despite the comments of AI, Tim is great, maybe better than Jobs would have been for this stage of Apple.
    foadjony0
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