Apple to Layoff 1,600 Retail Store Jobs

According to a recent SEC filing Apple is planning to cut 1,600 jobs from the retail workforce of about 14,000 full-time positions. The move comes as the COO Tim Cook called this a "horrendous economy" that we are currently in.

For the first quarter of the year Apple posted revenue of $8.16 billion and a net quarterly profit of $1.21 billion, or $1.33 per diluted share. Apple sold 2.22 million Macintosh computers during the quarter, representing a three percent unit decline from the year-ago quarter. The Company sold 11.01 million iPods during the quarter, representing three percent unit growth over the year-ago quarter. Quarterly iPhone units sold were 3.79 million representing 123 percent unit growth over the year-ago quarter.

Today, Apple also announced that customers have downloaded one billion applications from its revolutionary App Store, the largest applications store in the world. The one billionth app, Bump created by Bump Technologies, was downloaded by Connor Mulcahey, age 13, of Weston, CT. As the grand prize winner of Apples one billion app countdown contest, Connor will receive a $10,000 iTunes gift card, an iPod touch, a Time Capsule and a MacBook Pro.