Apple (NASDAQ:AAPL) will lay off more than 600 workers in California after shelving its EV and smartwatch display project. Apple notified the planned job cuts to the Employee Development Department in the State of California. These are the company’s first major layoffs post the pandemic.
These layoffs will affect workers across the tech giant’s eight offices in Santa Clara. The workers were told on March 28, and the layoffs will be effective from May 27.
While it is not clear what Apple’s next big project could be, speculations abound. According to Bloomberg, the Cupertino-based company could be planning to enter the home robotics market, while the Wall Street Journal reported that AAPL could be planning to focus on the development of generative artificial intelligence software instead.
Is Apple a Buy or Sell Right Now?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 16 Buys, 11 Holds, and one Sells. Year-to-date, AAPL stock has declined by more than 10%, and the average AAPL price target of $202.84 implies an upside potential of 20.2% at current levels.
