Apple is reportedly planning to cut back on hiring as iPhone sales weaken
Apple will slow hiring for some divisions amid disappointing iPhone sales, Bloomberg reported Wednesday, citing people familiar with the matter.
The sources told Bloomberg that CEO Tim Cook told employees about the slowdown a day after he sent a letter to investors warning of lackluster sales, particularly in China. Cook has not yet decided which divisions would be impacted by the hiring drop off, Bloomberg reported.
Shares of Apple edged lower in after-hours trading.
Apple declined to comment to CNBC.
Earlier this month, Apple lowered its fiscal first-quarter sales forecast amid weakening economic conditions in China as well as disappointing iPhone sales.
— CNBC’s Josh Lipton contributed reporting.