Zoom Video Communications chief executive Eric Yuan is also taking a 98 per cent cut in salary this year and forgoing his executive bonus, he said in a blog post about the job cuts.
He added that members of his executive leadership team are taking a 20 per cent salary reduction and also forfeiting bonuses this year.
Zoom has made the"tough but necessary" decision to lay off about 1,300 people, or roughly 15 per cent of its staff, according to Mr Yuan. Zoom tripled its ranks of employees during the pandemic, as people used the platform for remote work, court hearings, social events and more while Covid-19 risks barred them from getting together in person, according to Yuan."But the uncertainty of the global economy, and its effect on our customers, means we need to take a hard look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom's long-term vision.
The cuts follow similar steps by tech giants Microsoft, Facebook owner Meta, Google parent Alphabet, Amazon and Twitter as the industry girds for economic downturn.
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