The iPhone maker is closing two hundred jobs in the US and South Carolina and will save $150m by selling off its computers services business.
The company said the job cuts would save the company about $1.7bn.
Apple said it had already cut about 10,000 staff worldwide.
It said the cuts were made “to align with our corporate strategy and align with the changing needs of our businesses and customers”.
The company plans to hire between 2,500 and 2,800 employees in the United States and South Africa.
It also plans to reduce its overseas workforce to about 500 people.
“This new focus on customer service and productivity is part of our strategy to meet our strategic goals and align our operations with the needs of customers around the world,” said Apple CEO Tim Cook in a statement.
The job cuts were announced on Wednesday after a month of public announcements about the US economic slowdown.
The cuts will save Apple about $50bn in the first half of 2019, Cook said in an earnings call on Thursday.
Apple reported a quarterly profit of $5.35bn for the period, compared with $4.3bn a year earlier.
Sales of iPhones rose 9% to $2.8bn.
The iPhone’s biggest rival, Samsung, has also posted big quarterly gains, thanks to a surge in its own smartphones and tablet sales.
Samsung, which has been trying to turn itself into a major technology player, is expected to report earnings on Thursday that are expected to beat Wall Street’s expectations.
In an interview with Reuters, Apple chief financial officer Tim Cook said the company would announce its fourth-quarter earnings on Wednesday.
“I think there’s a lot more to come from this group,” Cook said.
“We’re also going to be announcing some of our next product announcements very soon.”