Apple, which is one of the leading technology companies in the world has made moves to curb spending.

Bloomberg reported on Tuesday that Apple had let go of some contract recruiters as part of its push to curb spending. The report cited people familiar with the matter. About 100 contract workers were let go, according to the report.

With a global workforce of over 150,000, a cut of approximately 100 seems insignificant, but the fact that these were all recruiters lends slightly more credence to the hiring freeze rumors doing the rounds.

Apple has also been rumored to be looking to take its revenue from advertising well past the current $4 billion level. Potential advertising on Maps, Apple TV and other products are said to be in the cards as the tech giant seeks to increase revenue generation and broaden away from the iPhone.

The iPhone remains the dominant revenue driver in the Apple makeup and is one of the main reasons we opted for a shocking $100 12-month price target in our deep dive.

This may seem shocking to some, but note that Apple traded down to $129 in June before the recent rally. This is a 12-month price target and takes into consideration how a global inflationary slowdown has double headwinds. There are not only rising costs, which hit margins but also falling iPhone demand.

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