In a new SEC filing, Apple (NASDAQ:AAPL) revealed that it had laid off over 600 of its employees after abandoning its Apple Car project. The job cuts were Apple’s largest since the peak of the pandemic. In the wake of the news, Apple and AAPL stock are attracting a great deal of attention today.
More About the Apple Layoffs
According to documents filed with California regulators, Apple’s job cuts will be implemented starting on May 27.
Although the firm did not provide any details about which workers were given pink slips, the Apple layoffs were disclosed shortly after the tech giant decided to terminate its autonomous electric vehicle project. Consequently, there is a great deal of speculation that most of the dismissed employees were working on the now-defunct EV project.
However, some of the workers who had been involved with the EV initiative are now helping to develop Apple’s AI systems.
Robots and Regulators
The iPhone maker is considering getting involved in developing “home robotics” products, Bloomberg reported on April 3. Specifically, the firm has explored creating a robot that can accompany consumers in their homes as well as a stationary home assistant, the news service stated.
On March 21, the Department of Justice sued Apple, alleging that the firm had developed “an illegal monopoly in the smartphone market.” Specifically, the regulator alleges that AAPL has taken steps to prevent competition from arising and then uses the lack of competition to hike prices on its products.
On a positive note, investment bank Evercore recently reported that AAPL’s revenue from its App Store jumped a higher-than-expected 13% last month compared to March 2023.
Heading into today, AAPL stock had retreated 1.5% in the previous five days and was down 12.3% so far in 2024.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
