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At present there is a trend of layoffs globally. There doesn't seem to be any sign of the layoffs stopping right now. So far this year, many renowned companies have shown the way to their employees. Now the name of tech giant and one of the world's largest companies Apple has also been included in these. Apple has recently laid off more than 600 employees.
The company itself gave this information
According to reports, Apple has also confirmed the latest layoffs. The company has given this information in a filing to the California Employment Development Department. Private reports citing the filing said Apple has laid off more than 600 employees in California. The company has taken this decision of layoffs due to the closure of the car and smartwatch display project.
world number 2 company
The news of layoffs becomes serious because Apple is counted among the largest companies not only in the technology industry but in the entire world. On Thursday, Apple's shares fell 0.49 percent to $ 168.82 in the US market. After this the mcap of the company became 2.61 trillion dollars. With this valuation, Apple is behind only Microsoft and is the second largest listed company in the world.
8 Information given in filing
Apple is headquartered in Cupertino, California. According to local rules, companies have to give information about layoff or dismissal of employees. Apple disclosed the layoffs in eight separate filings in compliance with the Worker Adjustment and Retraining Notification (WARN program). This compliance is required under California law.
It affects employees
According to company filings, at least 87 of those fired were working at Apple's secret facility where the next generation of screens was being developed. The rest of the affected employees worked in another building nearby, which was dedicated to the car project.
This update came this year
There was a huge uproar across the world regarding Apple's car project. Currently, many mobile and gadget companies are entering the vehicle, especially EV segment. Chinese smartphone companies like Xiaomi and Huawei have entered the EV market. Some time ago, Apple had also presented its prototype, but earlier this year the news came that Apple has decided to withdraw from the car project.
