Chief Executive Officer Eric Yuan said Zoom Video Communications will cut 15 percent of its workforce, or about 1,300 jobs. Blog post On Tuesday, sending the company’s shares up 7 percent.
Yuan also said he would take a 98% pay cut for the coming fiscal year, ahead of his fiscal 2023 corporate bonus.
The video conferencing software maker also said its executive leadership team would take a 20 percent cut in base pay over the same period.
A raft of U.S. companies, from Goldman Sachs Group to Alphabet, have cut thousands of jobs this year to offset a drop in demand from high inflation and rising interest rates.
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