Zoom lays Off 1,300 of its Employees Amounting to 15% of its Total Workforce: Here’s More About it

The video communications firm, Zoom has also joined big tech companies like Google, Microsoft, and Amazon in laying off its employees due to the over expenses and loss the companies have been facing.

Read more about it below.

Zoom Lays Off 1,300 of its Employees

The video communications firm, Zoom founded in 2011 by Eric Yuan had rapid growth at the time of the Covid – 19 pandemic when everyone started to work from their homes. The company grew rapidly by about three times increasing its revenue and the price of its shares.

But among the many large tech giants, Zoom has also been having a lot of issues due to all the economic downfalls the companies are facing now. Zoom had also seen the price of its shares drop by about 90% compared to the price it had in October 2020

All these have forced the company to let go of 1,300 of its employees which amounts to a total of 15% of its global workforce. The company has already issued the memos to the employees that are currently being laid off. The US workers have by now received their memos via their emails and other employees residing in other countries will receive them as per the local requirements.

The laid-off employees will be receiving 16 weeks of their pay including the healthcare coverage and the bonus the employees have been offered for the year.

With the increasing expenses within the company, CEO Eric Yuan has also decided to cut his pay by 98% along with his bonuses for the year. The employees in his executive team will also be having a 20% cut in their pay as well.

The Chief Executive Officer of Zoom, Eric Yuan has mentioned all these decisions made by the company in his blog post posted on the 7th of February, 2023.