Apple is expected to announce plans to cut about 100,000 jobs at its headquarters in Cupertino, California, by the end of the year, and will also shed a further 100,00 jobs in its retail operations and supply chain.
The news comes just days after Apple announced a massive layoffs spree.
Apple’s shares rose as much as 12.3 per cent to $98.99 on Friday, the largest single-day gain since late October.
Investors are hoping the cuts will be announced as part of a restructuring plan to reduce Apple’s $7.6 billion in debt and fund a number of initiatives including a revamp of its iCloud service and its plans to invest in artificial intelligence and virtual reality.
Apple has also said it plans to make an “aggressive” investment in artificial-intelligence research, including a research partnership with Google.
But Apple’s biggest focus on the future, and the company’s long-term plans, will be the acquisition of robotics and artificial intelligence startup Avento.
Apple’s chief executive, Tim Cook, has said the company wants to be the “worlds most innovative company”, with its robotics team and AI research unit working closely together.
Apple also announced the appointment of former Google engineer Craig Federighi as its chief scientist.
The company also announced that it will buy robotics startup Fetch Robotics from Chinese start-up Baidu, in a deal valued at $3.2 billion.