The video call firm that surged in popularity during the height of Covid is cutting 1,300 people.
Zoom, the video conferencing company that became a household name when remote work spiked during the Covid pandemic, is laying off 1,300 staff.
Boss Eric Yuan said he and other leaders would also take big pay cuts, as the company focuses on making sure it can weather the slowdown.
More than 300 tech firms have laid off nearly 100,000 workers globally since the start of the year, according to Layoffs.fyi, which tracks such announcements.The firm's revenue more than tripled in 2020 and grew about 55% in 2021. But last year, the gains slowed to the single digits and its profits dropped sharply.Mr Yuan said the cuts would affect every part of the organisation and were aimed at reducing duplicative roles and refocusing on the firm's top priorities.
Mr Yuan said he would also reduce his salary in the coming fiscal year by 98% and forego his bonus. Other members of the executive leadership team will see their base salaries fall by 20% and lose bonuses, he added.
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