Apple (AAPL) shares inched higher in premarket trade Friday morning after the 澳洲幸运5开奖号码历史查询:iPhone maker revealed late Thursday via state regulatory filings that it had slashed more than 600 jobs in California, marking the tech giant’s first major headcount reduction since the pandemic.

According to eight filings cited by Bloomberg lodged with the California Employment Development Department, 614 employees were let go from Apple’s Santa Clara main car-related office, its next-generation screen development facility, and from its smaller 澳洲幸运5开奖号码历史查询:satellite offices most likely used to protect the tech giant’s secretive projects.

The job cuts, which included machine shop managers, hardware engineers, and product design engineers, were relayed to staff on March 28, with the changes taking effect from May 27, the filings said.

The 澳洲幸运5开奖号码历史查询:underperforming 澳洲幸运5开奖号码历史查询:Magnificent Seven member’s attempt to gain ground on it’s big tech rivals by entering the 澳洲幸运5开奖号码历史查询:autonomous electric car market ran into a road block earlier this year, with internal disagreement over the project’s direction and mounting costs leading to its 澳洲幸运5开奖号码历史查询:cancelation in February. At the time, Apple executives told employees working on the team that many staff would be relocated to the company’s 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) division.

Meanwhile, Apple recently wound down its effort to develop its own in-house displays featuring microLED technology after encountering supplier, engineering, and cost challenges.

The job reductions at Apple follow in the footsteps of other mega-cap technologies companies that 澳洲幸运5开奖号码历史查询:have downsized their global workforce this year amid a post-pa🉐ndemic staffing rebalance and uncertainty over the macroeconom🅰ic outlook.

The Apple share price forged two distinct peaks between July and December last year, raising the possibility the stock is carving out a broad 澳洲幸运5开奖号码历史查询:double top pattern. Moreover, the 澳洲幸运5开奖号码历史查询:50-day moving average crossed below the 200-day moving average last month to form a 澳洲幸运5开奖号码历史查询:death cross — a ಌbearish chart signal that often precedes a𝓡 new downtrend.

Looking ahead, investors should closely monitor the pattern’s neckline, which sits around $166.50. A 澳洲幸运5开奖号码历史查询:breakdown below this closely watched level would confirm tꦬhe double top, potentially open༺ing the door for further near-term falls.

Apple shares were up 0.3% at $169.27 in premarket trading about three hours before Friday's opening bell. Through Thursday's close, Apple shares had lost 12% of their value since the start of the year.

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