ZDNet has an article on Apple's reaction to last week's stock slip, er, slide, er, plunge off a cliff. Jobs has announced that there will be no layoffs, but there is basically a hiring freeze in effect. There's also talk of cutting back on "nonessential projects." No word on what those might be.
The article said that Jobs also attempted to shore up employee morale, telling employees that "emphasis needed to be placed on more quality work, rather than working longer or harder." Nothing like meaningless managerial doublespeak to build that morale back up. What will likely be more successful at making employees feel better (if it happens) is a stock buyback that's being investigated to reassure employees concerned about their stock options.
As reported last week, the company blamed the lower than expected earnings on G4 Cube ("Cracks? I don't see no stinking cracks!") sales that didn't meet expectations, as well as a "slump" in educational purchases. There's also the niggling fact that Apple is attracting very few new customers, and upgraders alone do not a company sustain, but they didn't mention that.
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