Apple employees have received reassurances that the company remains on track, following Apple’s profit warning and subsequent nosedive on the financial markets last week.

Company insiders told Macworld that reassurances were given to employees across the company, allaying fears that it might be forced to engage in savage cost-cutting in order to maintain its bottom line.

Jobs freeze Steve Jobs said that while there might be a hiring freeze, there would be no lay-offs at Apple, according ZDNN reports. Certain key positions will be filled, the report continues – particularly in hardware engineering, it claims.

Apple blamed its profits shortfall on lower than expected education and G4 Cube sales "in all geographies".

It’s thought that the company perspective on events is that for Apple to lose half its market capitalization over a profit warning like this makes little sense – the company will still return a profitable quarter, has little debt and strong cash reserves.