Zoom to Lay Off 15% of Workforce

Zoom According to a blog post, the company announced on Tuesday plans to reduce 1,300 workers or 15% of its workforce. On the company’s site.

Zoom shares closed up 9.8%

Eric Yuan, CEO, wrote in the blog that as the world adjusts to life after the event, The Covid pandemicThe company must adapt to changing market conditions. “uncertainty of the global economy” As well as “its effect on our customers.”

Zoom saw a tremendous boom in the aftermath of the pandemic. People were forced to work remotely and used video chat software to keep in touch with their friends, colleagues and loved ones.

“We worked tirelessly and made Zoom better for our customers and users. But we also made mistakes,” Yuan. “We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities.” 

Yuan stated that the cuts will affect every Zoom organization. Employees who are laid off will receive up to 16 weeks’ salary and health-care coverage. He also stated that he will reduce his salary by 98% for the next fiscal year and that he will forgo his 2023 corporate bonus.

“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions,” Yuan wrote in this post.

This is the latest round in job cuts in tech, with the company’s announcement of layoffs. Dell Monday’s announcement of plans was made cut 6,650 jobs. In January Google Plans were revealed to lay off more workers than 12,000 workers, Microsoft disclosed plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.