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<br>July 18 (Reuters) - Apple Inc plans to slow hiring and spending growth next year in some units to cope with a potential economic downturn, Bloomberg News reported on Monday, citing people with knowledge of the matter.<br> <br>The potential move would see Apple - the world's most valuable company - join a growing pool of American corporations including Meta Platforms and Tesla Inc in slowing hiring.<br> <br>Apple shares reversed course to trade down 1.6% at $147.6.<br><br>The company did not immediately respond to a Reuters request for comment.<br> <br>The Bloomberg report said the changes would not affect all teams and that Apple was still planning an aggressive product launch schedule in 2023 that includes a mixed-reality headset, | <br>July 18 (Reuters) - Apple Inc plans to slow hiring and spending growth next year in some units to cope with a potential economic downturn, Bloomberg News reported on Monday, citing people with knowledge of the matter.<br> <br>The potential move would see Apple - the world's most valuable company - join a growing pool of American corporations including Meta Platforms and Tesla Inc in slowing hiring.<br> <br>Apple shares reversed course to trade down 1.6% at $147.6.<br><br>The company did not immediately respond to a Reuters request for comment.<br> <br>The Bloomberg report said the changes would not affect all teams and that Apple was still planning an aggressive product launch schedule in 2023 that includes a mixed-reality headset, its first major new category since 2015.<br> <br>"Apple's move reflects a broader slowdown in investing in new things, new companies and new products," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.<br><br>"It signifies that inflation is an issue for these companies."<br> <br>Fears have risen in recent months that aggressive interest rate hikes by the Federal Reserve to tame an unabating surge in inflation could tip the economy into a recession. The price pressures have also raised worries that customers could curb spending on discretionary items like smartphones.<br> <br>Smartphone shipments declined 9% in the second quarter, according to data from Canalys.<br><br>Still, Apple's iPhones remain among the most sold phones in the world, pussy with the company holding a 17% market share just behind market leader Samsung, the data showed.<br> <br>Apple typically launches a new version of its iPhone and other wearable products in September ahead of the busy holiday season.<br> <br>As of its last annual report, the Cupertino, California-based company had about 154,000 full-time equivalent employees.<br><br>(Reporting by Ankur Banerjee, Nivedita Balu and Bansari Mayur Kamdar in Bengaluru; Editing by Aditya Soni)<br> | ||
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