Dozens of engineers laid off at Apple headquarters

Key Points:

• Apple announced a total of 147 layoffs across its Cupertino and Sunnyvale offices, with the largest cuts among software engineers working on augmented and virtual reality products at its Sunnyvale locations.
• The layoffs at Apple Vision Group follow disappointing sales of the company's $3,500 VR headset, which failed to attract customers at a recent San Francisco event.
• Tim Cook will step down as CEO after 15 years, with John Ternus, current Senior Vice President of Hardware, set to take over next Tuesday and lead new product launches expected in September.
• Apple is anticipated to unveil its first foldable smartphone, the iPhone 18 line, a new Mac Mini, Apple Watch updates, AirPods 5, and iOS 27 during a September 9 event, though no official date has been confirmed.
• The launch of Apple’s revamped Siri AI, announced at WWDC in June, received a lukewarm investor response, coinciding with a significant drop in Apple’s stock price.