Zoom to cut headcount by about 1,300 jobs
:Zoom Video Communications said on Tuesday it would cut 15 per cent of its workforce, or about 1,300 jobs, and trim base pay for its executive leadership as pandemic-fueled demand for the company's video conferencing services slows.Announcing the layoffs, Chief Executive Eric Yuan also said that he will take a salary cut of 98 per cent for the coming fiscal year, foregoing his fiscal 2023 corporate bonus.
The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, has seen its revenue growth slow. Zoom had bumped up hiring during the pandemic to meet surging demand, but now joins U.S. companies is reining in costs to brace for a potential recession.
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