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Zoom to Lay Off 1,300 Workers Amid Slowing Demand

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Anshu DV Vaishnav
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This year, several big tech companies like Microsoft, Amazon, Meta, Alphabet, Dell and Disney have laid-off employees in 2023.

Zoom Video Communications Inc has joined the list of companies as the company is planning to cut 1,300 jobs

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Zoom, known for its video-conferencing tools, has widely used a communication technology platform during Covid-19 pandemic lockdowns.

Zoom to Lay Off 1,300 Workers

Would Take 98% Reduction in Salary, says, Zoom CEO

While announcing the layoffs, CEO of Zoom Eric Yuan said “he would take a 98% reduction in his salary and no bonus for himself. Rest of the executive leadership team will also not take corporate bonus and up to 20% of their base salaries will be reduced. the layoffs will hit nearly 15 percent of its workforce.”

Zoom to Lay Off 1,300 Workers, Zoom CEO Eric Yuan

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CEO Eric Yuan, said that the laid-off employees will get a salary of 16 weeks along with healthcare coverage and a bonus for the year. "We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Yuan was quoted by Reuters as saying.

Zoom to Lay Off 1,300 Workers, Zoom CEO Eric Yuan

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businesses Zoom Video Communications Inc tech companie laid-off Dell Alphabet meta Zoom schools Disney #Microsoft amazon