Several big tech companies like Microsoft, Amazon, Meta, Alphabet, Dell and Disney have laid off employees in 2023.
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Zoom Video Communications is now planning to cut 1,300 jobs.
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Zoom became the best choice for communication during the Covid-19 pandemic.
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During the pandemic, Zoom hired 6,800 employees.
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After the pandemic, the demand for video services has decreased leading to the layoffs.
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CEO Eric Yuan is taking a 98% reduction in salary and no bonus.
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Executive leadership team will reduce their salaries by 20% and not receive a bonus.
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The layoffs will impact nearly 15% of Zoom's workforce.
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Laid-off employees will receive a salary of 16 weeks along with healthcare coverage and a bonus for the year.
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CEO Eric Yuan acknowledges mistakes in company growth and sustainability.
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