In context: While the majority of large tech companies have implemented mass layoffs this year, one notable exceptions to this practice is the biggest firm of them all: Apple. According to CEO Tim Cook, such mass layoffs will only be a "last resort" for the iPhone maker.

Alphabet, Amazon, Meta, Salesforce, and Microsoft are just some of the many companies that have made massive job cuts this year, the result of a shaky economy, low demand, and overhiring during the height of the pandemic. But one conspicuous name absent from the list is Apple.

In the company's second-quarter 2023 earning call, Cook told CNBC that it isn't planning on joining its rivals in culling jobs.

Cook said layoffs are not something Apple is considering right now. "I view that as a last resort and, so, mass layoffs is not something that we're talking about at this moment," he told CNBC's Steve Kovach.

Cook didn't rule out the possibility of job cuts, and it's not as if CEOs are averse to going back on their word, but Cupertino's employees will likely feel relief upon hearing that their jobs are safe for now.

However, Cook did add that Apple isn't immune to the effects of the current economic climate. The company is now taking an "extremely prudent" stance toward hiring, and it is implementing cost-cutting measures such as delaying bonuses or giving employees a single bonus instead of the usual two.

Apple has reportedly laid off some staff this year. A few of its corporate retail employees were let go, though the numbers are said to be tiny in comparison to the thousands released by other companies.

The main reason why Apple has managed to avoid mass layoffs so far is that, unlike the other tech giants, it never massively increased its recruitment numbers during the pandemic boom times.

Even Cook is doing his part to try and save Apple money. The boss voluntarily took a 40% pay cut for 2023, though he's unlikely to sell the company iPhone to make ends meet. Despite his year-on-year compensation falling by $35 million, Cook will still receive around $49 million this year.

Apple certainly isn't struggling. It reported $24 billion in net income for the last quarter on $95 billion in total revenue, while its market cap stands at $2.62 trillion.