The Cupertino, California-based company had about 154,000 full-time equivalent employees.
“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. “It signifies that inflation is an issue for these companies.”
Smartphone shipments declined 9 percent in the second quarter, according to data from Canalys. Still, Apple’s iPhones remain among the most sold phones in the world, with the company holding 17 percent market share just behind market leader Samsung.
Apple typically launches a new version of its iPhone and other wearable products in September ahead of the busy holiday season.