Following a post-holiday slump and failing to sell as many iPhones as forecast, Apple Inc. (AAPL - Get Report) is cutting back on hiring in some areas of the company, according to a report by Bloomberg.
Apple CEO Tim Cook "held a meeting with employees, there was a Q and A session, and he disclosed -- after asking if there would be a hiring freeze -- saying that there would be a reduction in new hires," reporter Mark Gurman told Bloomberg TV.
Gurman, who covered the news, said that it wasn't clear which divisions would cut down on hiring, but did say that Apple hires "thousand of people" when asked how many people Apple picks up on a quarterly or annual basis. He speculated that the company's artificial intelligence division was unlikely to see slowdowns in hiring, but possibly software engineering or special projects or both would.
The Bloomberg report was based on unnamed sources familiar with the matter. A spokesperson from Apple did not immediately respond to a call for comment from TheStreet.
Apple was trading down about 0.88% on Thursday.
Earlier this month, Cook released a letter to investors detailing some of the company's iPhone and China sales woes.