According to Bloomberg News, tech giant Apple will slow hiring and spending in some units in 2023. The Bloomberg report stated that the changes at Apple will not affect all units and will not prevent the company from launching an aggressive product line in 2023.

Apple’s move means the company will now join a host of other technology companies, including Meta and Twitter, which have announced plans to slow hiring to tackle persistent massive inflation.

“Apple’s move reflects a broader slowdown in investing in new things, new companies and new products. It signifies that inflation is an issue for these companies,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

Factors such as inflation, China’s COVID-19 lockdown and the ongoing war in Ukraine have all contributed to the decline in demand for smartphones. Today, with inflation now at record levels, consumers are more motivated than ever to maintain the extra money previously earmarked for a new smartphone.

According to Canalys, smartphone sales fell by 9 per cent in the second quarter. Despite the decline, Apple’s iPhone continues to enjoy massive patronage. Apple’s iPhone is one of the best-selling phones in the world, with a market share of 17 per cent, just behind market leader Samsung.

The sources for this piece include an article in Reuters.