Apple has been cutting staff in the US and Europe and is reducing revenue from iPhones and iPads, according to reports on Wednesday.
According to a report by The Wall Street Journal, Apple is looking to reduce its workforce in the USA by about 15,000 workers over the next year and to slash its revenue by about 5.5 billion euros (about $6.6 billion) over the same period.
The company plans to slash both revenue and employee numbers from the US, Europe, and Asia, the report said.
The job cuts are part of the plan, and the company is also planning to cut the number of its suppliers and suppliers of the iPhone, iPad, and Mac software in the country by around 5,000.
The layoffs, however, could take a toll on the company’s financial health.
Analysts are warning that Apple’s stock price could plummet in the coming months if it continues to cut employees and cut its margins.
In a statement, the company said it is “continuing to evaluate all of our strategic and operational initiatives and will make further announcements as we continue to refine our strategy and our business”.
Read moreApple has a reputation for hiring talented workers and cutting them as it tries to regain its foothold in the smartphone market.
But its current efforts appear to be more of a slow burn than a permanent solution.
Apple has had to cut thousands of employees in the past year and has been losing money, but the company has managed to avoid the sort of financial crisis that many other companies have been struggling with over the past few years.
Apple was founded in 1976 and has always been a hardware company, though the iPhone has become a big part of Apple’s profits.
Apple is now one of the most valuable companies in the world, with a market value of $98.7 billion.
The news comes as a new report claims Apple has raised an additional $3.5bn to buy Motorola Mobility, the handset maker which was acquired by Google in 2012.
Motorola Mobility was acquired for $26.5billion in cash and $8.5b in cash equivalents in 2015.