Apple to cut 100 jobs in fourth round of 2024 layoffs: BBG

Apple (AAPL) is set to cut 100 jobs in its fourth round of layoffs for the company this year, specifically in its Apple News and Apple Book segments, according to Bloomberg reporting. Will this be a sign of things to come as CFO Luca Maestri recently stepped down to transition into a new role or is this just a small restructuring?

Catalyst anchors Madison Mills and Brad Smith break down the latest developments for Apple.

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This post was written by Nicholas Jacobino

Video transcript

Apple is laying off 100 jobs across its digital service group that is according to reporting originally from Bloomberg.

Now the cuts will reportedly come from the team that runs the Apple Book and Apple news areas of the company and this would be the fourth round of layoffs at Apple this year.

Now, obviously, it's important to note that these layoffs are coming from very specific parts of the company.

Again, Apple Book and Apple News are the two.

So it's, it's not also that big of a layoff, it's 100 job cuts, but it is interesting given the shift we have seen from Apple into the services side of the business that has been the primary driver of their earnings growth quarter after quarter, we have seen this story.

So is this a sign of things to come from the company?

And of course, Brad, as you know, this comes after news that Luca My street is leaving his post as the CFO, he was able to maintain a lack of layoffs focusing rather potentially on attrition at the company to maintain lower cost for labor.

At is this the beginning of a potential shift where more layoffs could come from Apple or is this just more of the same focus on the services side of the business?

Yeah.

One of the huge things, I mean, it, it just showcases some of the priorities for Apple as of right now, even with this shift.

Um it is important to note as well that this comes after, as you were mentioning the cuts that we had seen earlier in the year of a little more than 600 jobs.

Um And that was the biggest round of layoffs since the pandemic.

We had heard from tech companies about where they over hired and where they, I needed to re strategize or Reprioritize given some of where the market demand is actually moving and reallocating some of those internal resources here.

So it's not just cuts, it perhaps also entails for some of those positions being real located elsewhere within the business.

Uh And we'll see how that actually gives us a little bit more inclination or a line of sight into how Apple is really prioritizing what its output needs to look like at this near point in time.

Um But ultimately here, yes, major kind of c suite shake up.

Um But not even a shake up.

Uh You, you've got a person that's been there for years and Kevin who's gonna be taking over uh as the CFO now.

So, uh more of kind of the keeping of the guards, just one of them kind of rolling off and saying, hey, I'm passing the baton, passing the baton, but still staying in the room a little bit, still staying involved, you know, I mean, in that chair over there just like in the back, he'll just be monitoring from afar.

But also close.

I love when they do that.

I'm sure the people taking those jobs over love that feeling too.