Zoom has laid off 1,300 employees, accounting for about 15% of the total number of employees

According to a blog post shared to the company's website, Zoom announced on Tuesday that it plans to lay off around 1,300 employees, or 15% of its total workforce.

CEO Yuan Zheng wrote in a blog post that as the world continues to adapt to life after the pandemic, the company needs to adapt to “the uncertainty of the global economy.”

Yuan also said that he plans to cut his salary by 98% in the next fiscal year, and that he has also given up his 2023 corporate bonuses.
$Zoom Video Communications(ZM.US)$

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

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're working tirelessly to make Zoom better serve our customers and users. But we also made mistakes,” Yuan said. “We haven't spent enough time thoroughly analyzing our team or evaluating whether we're sustaining towards our highest priorities.”

Yuan said the layoffs will affect every organization at Zoom, and the laid-off employees will receive up to 16 weeks of pay and health insurance. The CEO also said he plans to cut wages by 98% for the next fiscal year and that he will also forgo corporate bonuses for 2023.

“As Zoom's CEO and founder, I'm responsible for these mistakes and the actions we've taken today—I'm not only using words, but also my own actions to express responsibility,” Yuan Zheng wrote in the post.

The company's layoffs announcement marks the latest round of layoffs in the tech industry because of Dell
Plans to lay off 6,650 employees were announced on Monday. In January of this year, Google revealed plans to lay off more than 12,000 employees, Microsoft disclosed plans to lay off 10,000 employees, and Salesforce announced plans to lay off 7,000 employees.