Video communication app Zoom is laying off about 1,300 people, or 15 per cent of its workforce, its CEO Eric Yuan has announced.
Yuan also said that he is reducing his salary for the coming fiscal year by 98 per cent and foregoing his FY23 corporate bonus.
“Members of my executive leadership team will reduce their base salaries by 20 per cent for the coming fiscal year while also forfeiting their FY23 corporate bonuses,” he announced.
During the pandemic, Zoom usage surged significantly as millions stayed home.
Yuan said the company is still seeing that people and businesses continue to rely on Zoom.
“But the uncertainty of the global economy, and its effect on our customers, means we need to take a hard – yet important – look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom's long-term vision,” he said in a blog post.
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