Zoom to cut 1,300 jobs and CEO Eric Yuan is taking a 98% pay cut

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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