Apple Contractor Layoffs
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 17 February 2023
⏱️ 9 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Friday, February 17th, and I'm your host Julie Morgan. |
| 0:12.0 | Before now, we have not heard much in the way of major layoffs from Apple, |
| 0:17.0 | but now we're hearing the company is starting to layoff contractors. |
| 0:21.0 | A major recall of Tesla vehicles. |
| 0:23.8 | Big news of the day was the announcement of a recall of hundreds of thousands of |
| 0:28.1 | Tesla vehicles over issues with its full self-driving technology. |
| 0:32.2 | And life storage says no thanks to an offer from public storage. |
| 0:36.0 | Life Storage says the multi-billion dollar offer significantly undervalues the company. |
| 0:42.0 | We begin with Apple. Over the past few weeks you may have |
| 0:45.8 | read an article or two that Apple is the lone big tech name that seems to be |
| 0:50.0 | avoiding layoffs. Well Apple has reportedly started to let go some of its contractors |
| 0:55.3 | in recent days. |
| 0:56.7 | Citing people with direct knowledge, the New York Post reported that the firings have come |
| 1:01.4 | in the past few days and have impacted hundreds of contractors, |
| 1:05.2 | some of whom work with Apple employees on projects. |
| 1:08.6 | The news outlet added that Apple has started to fire the contractors outright instead of waiting for the contracts to expire. |
| 1:16.4 | These contracts are generally renewed on a 12 or 15 month basis. |
| 1:21.0 | Apple has avoided the mass layoffs that some of its competitors in the |
| 1:25.1 | tech industry have resorted to as the economic uncertainty continues. |
| 1:29.7 | Apple shares closed down 1% to $153.71 on Thursday. |
| 1:35.9 | Pre-market, the stock is down 1%. |
... |
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