SAN FRANCISCO: The company behind the Zoom video conferencing platform — which became a household name during the pandemic — announced Tuesday it is laying off about 15 percent of its staff.
Zoom Video Communications chief executive Eric Yuan is also taking a 98 percent cut in salary this year and forgoing his executive bonus, he said in a blog post about the job cuts.
He added that members of his executive leadership team are taking a 20 percent salary reduction and also forfeiting bonuses this year.
While people and businesses continue to rely on Zoom “as the world transitions to life post-pandemic,” the Silicon Valley-based firm is seeing customers cut back on spending, Yuan said in the post.
Zoom has made the “tough but necessary” decision to lay off about 1,300 people, or roughly 15 percent of its staff, according to Yuan.
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