Zoom to lay off 1,300 employees, or about 15% of its workforce

Zoom announced plans to cut about 1,300 workers, or 15 percent of its workforce, according to a blog post shared on the company’s website on Tuesday.

Zoom shares rose nearly 8 percent on Tuesday.

CEO Eric Yuan wrote in a blog post that as the world adjusts to life after the pandemic, the company needs to adapt to the “uncertainty of the global economy” as well as “its impact on our customers.” Is.

Zoom experienced a huge boom during the pandemic when people were forced to work from home and turned to video chat software to keep in touch with colleagues, friends and family.

“We worked tirelessly to make Zoom better for our customers and users. But we also made mistakes,” Yuan said. “We didn’t take as much time as we should have to thoroughly analyze our teams or assess whether we were making sustainable progress, towards higher priorities.”

Yuan said the cuts will affect every Zoom organization, and that laid-off employees will be offered up to 16 weeks of pay and health care coverage. Yuan also said he plans to cut his salary by 98 percent for the coming fiscal year, and is also offering a 2023 corporate bonus.

“As the CEO and founder of Zoom, I am accountable for the mistakes and the actions we are taking today—and I want to be accountable not just in words, but in actions,” he said in the post. wrote

The company’s layoff announcement marks the latest round of job cuts in the tech industry, as Deal announced plans to cut 6,650 jobs on Monday. In January, Google revealed plans to lay off more than 12,000 workers, Microsoft revealed plans to cut 10,000 jobs and Salesforce announced plans to lay off 7,000 workers. .

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