Apple Inc intends to lay off about 200 people at Beats Electronics LLC following its $3 billion acquisition of the headphone and music streaming services company, Bloomberg cited a person with knowledge of the restructuring as saying.
The job cuts will mainly hit human resources, finance and other departments with significant overlap between the two, the news agency reported.
Apple's largest acquisition in decades, announced in May, lands the iPhone maker a fast-growing music subscription business, executives like Jimmy Iovine with strong ties to the recording industry, and a line of premium headphones.
(Reporting by San Francisco newsroom)
Trending On Reuters
Though Apple Inc is selling enough iPhones to keep investors happy for now, the world's most valuable publicly traded company is set increasingly to rely on its apps and services to drive growth. Full Article | Related Story
- Twitter's video push seen unlikely to fast-forward revenue growth
- Nintendo in wider-than-expected Q1 loss, but hopes high for Pokemon GO
- Tesla's Musk says master plan will require capital raise
- Video: Critics urge FDA rethink on stomach-draining weight loss device
- Video: Shape-changing cellphones could be the future