Zoom 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
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. “As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions,” he wrote.
Zoom, more than most companies, came to define the early days of the pandemic, as many turned to its platform to video chat with friends and colleagues during lockdowns. By mid-2020, Zoom reported skyrocketing revenue fueled by a spike in business customers from the many companies forced to turn to remote work. Yuan said the company staffed up “rapidly” during the early days of the pandemic to support the boom in demand as many turned to its platform to video chat with friends and colleagues.
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