Consumer electronics giant Apple (AAPL) has cut dozens of sales positions as part of an effort to streamline its operations.
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The iPhone maker reportedly notified impacted staff over the past couple of weeks. The cuts impacted a wide range of teams across the company’s sales unit. Apple is apparently trying to better align its approach to business, education, and government customers.
Positions eliminated in the restructuring include account managers who served major businesses, universities and schools, and government agencies. Staff who operated Apple’s briefing centers, which host institutional meetings and product demonstrations for prospective customers, were also impacted.
Year-End Adjustments at Apple
Apple has confirmed the reorganization and job cuts in its sales department, but has not said how many employees had their positions eliminated. The layoffs reportedly came as a surprise to the employees impacted by the cuts.
The sales force reduction comes amid reports that Apple’s new iPhone 17 device is selling well globally, particularly in the U.S. and China, the company’s two biggest markets. Apple is gearing up for a big marketing push around the iPhone 17 tied to the year-end holiday shopping season. The iPhone still accounts for roughly half of Apple’s annual revenue.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 35 Wall Street analysts. That rating is based on 21 Buy, 12 Hold, and two Sell recommendations issued in the last three months. The average AAPL price target of $289.17 implies 4.54% upside from current levels.
