Zoom to cut 15% of staff as tech layoffs continue, execs cut own pay; stock jumps
Zoom Video Communications Inc. (ZM)plans to lay off 1,300 workers, cutting its staff by 15%, Chief Executive Eric Yuan announced Tuesday. In a blog post, Yuan noted that he had tripled Zoom's workforce during the pandemic, and "made mistakes." "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," he wrote. Yuan said he would cut his own pay by 98% and forego any corporate bonus in the 2023 fiscal year, and that other executive leaders will receive 20% pay cuts and no bonuses as well. Zoom shares jumped to 7% gains on the news Tuesday, after previously trading less than 1% higher.
-Jeremy C. Owens
(END) Dow Jones Newswires
February 07, 2023 12:38 ET (17:38 GMT)
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