Apple is planning to slow hiring and spending growth next year in some units to cope with a potential economic downturn, Bloomberg News report said.

The 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.

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.