Zoom, a video- communication platform, is cutting around 150 jobs. This decision is part of the company’s ongoing effort to align its teams with its strategy. Zoom’s popularity has decreased as more people have returned to offices and companies are adopting hybrid work models.
The company clarified that the layoffs are not affecting all departments and that it continues to hire in areas such as artificial intelligence (AI), sales and product development. The job cuts make up less than two per cent of Zoom’s total workforce.
Zoom’s headquarters in San Jose, California, has not provided details on how these changes will impact its channel team. Reports suggest that the Latin America (LATAM) sales team and various other departments were affected. Some employees have confirmed their layoffs on social-media platforms.
The company’s stock has seen a decline of about 10 per cent this year and has dropped nearly 90 per cent from its highest point in October 2020. Despite these challenges, Zoom plans to focus on hiring in key areas to secure its future growth.
This comes after a larger round of layoffs last year, when around 1,300 employees, or 15 per cent of the workforce, was let go. This affected various parts of the company.
In response, Eric Yuan, CEO, Zoom, announced a significant reduction in his own salary for 2023, slashing it by 98 per cent, and also decided not to let go his corporate bonus for the fiscal year 2023.
