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Apple has delayed bonuses for some employees and limited hiring in its latest cost-cutting effort

Apple has reportedly delayed bonuses for some employees and limited hiring in an effort to cut costs. According to sources familiar with the matter, the company has also paused or canceled some projects in order to reduce expenses.

The move is the latest in a series of cost-cutting measures that Apple has implemented as it seeks to offset the effects of the coronavirus pandemic. Other measures include reducing store hours and closing some stores entirely.

Apple has also implemented a hiring freeze for some positions, and is reportedly offering voluntary buyouts to some employees. The company is also reportedly delaying bonuses for some employees and is re-evaluating its bonus structure.

The company has also reportedly asked some employees to take unpaid leave and restricted employee travel.

The cost-cutting measures come as Apple seeks to adjust to the economic uncertainty caused by the pandemic. The company recently reported its first quarterly revenue decline since 2003 as iPhone sales dropped and the pandemic weighed on demand.

Apple is not alone in its efforts to reduce costs. Many other technology companies have implemented similar measures, including Microsoft, which recently announced a hiring freeze and salary cuts.