Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes.
In a memo to employees, Zoom's CEO Eric Yuan said the layoffs would impact every part of the organization. Yuan also said he and other executives would take a significant pay cut, after acknowledging he made"mistakes" in how quickly the company grew during the pandemic.
Yuan said members of the executive leadership team will reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses.
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