Mass layoffs are 'last resort', says Tim Cook

As tech layoffs continue unabated amid the global meltdown, Apple CEO Tim Cook has said that mass layoffs are a "last resort" for him.

The tech giant, however, is reducing costs and has slowed down the pace of hiring.

Cook told CNBC that he views layoffs "as a last resort" and "mass layoffs is not something that we're talking about at this moment".

He said that the company is "continuing to be extremely prudent on hiring".

"We're continuing to hire, just at a lower clip level than we were before. And we're doing all the right things by challenging the things that we spend, and we're just finding a few more ways to save on it," the Apple CEO was quoted as saying.

Apple trimmed a small number of employees in its corporate retail division in early April, as per reports.

The company has also reportedly delayed bonuses.

Apple did not hire the way other tech giants did during the pandemic and this is why the company is better positioned not to lay off employees.

Apple reported a record revenue of $94.8 billion for its March quarter which was better than expectations.

The company sold iPhones worth $51.3 billion in the March quarter, a record for the company.

Apple Services also set an all-time record with $20.9 billion in revenue for the March quarter.

"We achieved all time revenue records across App Store, Apple Music, iCloud and payment services. And now, with more than 975 million paid subscriptions, we're reaching even more people with our lineup of services," Cook informed.

Apple Mac recorded $7.2 billion in revenue, in line with the company's expectations and iPad revenue was $6.7 billion.

Across wearables, home and accessories, revenue was $8.8 billion.

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