According to a blog post shared on the company's website, Zoom announced plans to lay off around 1,300 employees on Tuesday, which accounts for 15% of its total workforce.
CEO Yuan Zheng wrote in the blog post that as the world continues to adapt to life after the pandemic, the company needs to adapt to the "global economic uncertainty".
Yuan also stated that he plans to reduce his own salary by 98% in the next fiscal year and has also waived the 2023 corporate bonus.
$Zoom Communications (ZM.US)$
CEO Eric Yuan wrote in a blog post that as the world continues to adapt to post-pandemic life, the company needs to adapt to the "global economic uncertainty" and its impact on our customers.
Zoom experienced tremendous growth during the pandemic, as people were forced to work from home and turned to video chat software to stay connected with colleagues, friends, and family.
"We have been working tirelessly to make Zoom better serve our customers and users. But we have also made mistakes," said Yuan. "We have not spent enough time thoroughly analyzing our team or evaluating whether we are moving towards the highest priorities sustainably."
Yuan stated that the layoffs will impact every organization at Zoom, and the dismissed employees will receive up to 16 weeks of wages and medical insurance. The CEO also mentioned that he...

This guy's a hit, and his stock's not going up  $Meta Platforms (FB.US)$

$Meta Platforms (FB.US)$ R&d meeting today. It's expected to go up