BBG: Hiring reductions after selling fewer iPhones

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BLOOMBERG reports: “Apple Inc. will cut back on hiring for some divisions after selling fewer iPhones than expected and missing its revenue forecast for the holiday quarter, according to people familiar with the matter. Tim Cook, Apple’s chief executive officer, made the disclosure to employees earlier this month in a meeting the day after he penned a letter to investors about the company’s recent struggles, particularly in China. During the meeting, Cook was asked if the company would impose a hiring freeze in response. He said he didn’t believe that was the solution. Instead, Cook said some divisions would reduce hiring, according to the people, who asked not to be identified discussing private matters.”