Zoom, to “send 1,300 employees” back home.

Video conferencing service company, Zoom, has announced plans to lay off about 1,300 employees as it reacts to the global market contraction.

Zoom’s CEO, Eric Yuan, made the announcement in a memo to employees, noting that the layoff would impact every part of the organization.

Watch Video Here || Download Video Here



The affected workforce makes up 15% of Zoom’s net staff strength.

The layoff is the latest significant job cut in the tech industry following the pandemic-fueled surge where demand for digital services wanes.

According to Yuan, he and other executives would take a significant pay cut, adding that he had made “mistakes” in how quickly the company grew during the pandemic.

READ ALSO: Zoom set to rival Teams, Slack with new chat product. 2 other stories and a trivia

“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.

— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —

Global Coverage Newsletter

Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.

By signing up, you agree to our Privacy Policy

“To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”

In addition, however, Yuan said members of the executive leadership team will reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses.

Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that other top tech companies globally, including Microsoft, Twitter, Google, have had to layoff a percentage of their workforce to gain stability in recent times


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.