Despite blowout second quarter results and excellent survey results Apple recently shed 1,600 jobs full-time "equivalents" (from 15,600 to 14,000) at the end of Apple's first fiscal quarter, according to a SEC filing.
As of March 28, 2009, the Retail segment had approximately 14,000 full-time equivalent employees and had outstanding lease commitments associated with retail space of $1.3 billion. The Company would incur substantial costs if it were to close multiple retail stores and such costs could adversely affect the Company’s financial condition and operating results.
While an 11 percent cut in "equivalents" is hardly dramatic in our current economic climate, it shows that even the mighty Apple isn't 100 percent recession proof.
Pictured: The Pier, Atlantic City.
Update: It turns out that Apple cut 1,600 full-time "equivalents," (not FT jobs) meaning that they cut hours for their employees and reduced part time staff as they frequently do in the quarter after the holidays. This post has be updated to reflect this information.