Apple is reportedly slowing hiring and spending amid broader tech layoffs

Apple is reportedly planning to slow hiring and spending for some of its teams as tech companies brace for a potential economic recession rise.

The tech giant plans to give some internal teams budgets lower than expected for 2023 while limiting the number of hires, according to Bloomberg, which cites "people with knowledge of the matter." 

Apple could not be immediately reached for comment. The company declined to comment to Bloomberg.

Meanwhile, Facebook parent company Meta and Amazon have pulled back on office expansions in New York, Bloomberg reports.

Several tech companies have already taken steps bracing for a possible recession prior to Apple's reported moves.

Last month, Netflix confirmed to USA TODAY it laid off a combined 450 employees dating back to May.

Meanwhile, other companies including Microsoft, PayPal and Coinbase have either slowed hiring or laid off workers.

New Apple products planned

Apple continues to roll out multiple products, most recently a version of its MacBook Air laptop with its new M2 processing chip.

This fall, Apple is expected to launch its annual upgraded iPhone, and potentially other products including the Apple Watch. Bloomberg reports Apple is also planning to launch a mixed reality headset.

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Tech companies ramp up layoffs

The tech sector's aggressive hiring the past few years played a part in this wave of layoffs, Wedbush analyst Daniel Ives told USA TODAY last month.

"I think there's a normalization going on of spending, and that's exacerbated the potential slowdown for the tech sector," said Ives.

Follow Brett Molina on Twitter: @brettmolina23.