Popular Video Communications Company Zoom, is set to lay off about 1,300 employees, representing 15% of its workforce.
In a memo sent to employees, Zoom’s CEO Eric Yuan said the layoffs would impact every part of the organization leaving staff to become the victims of the mass layoff which has ravaged the global tech industry since last year.
Yuan who is taking full responsibility said he would take a 98% pay cut, while other executives would take a significant pay cut of about 20%, after owing he made “mistakes” in how quickly the company grew during the pandemic.
During the COVID19 pandemic, Zoom became popular as many people used the platform for virtual business meeting, family chats and most online meetings. Zoom reported skyrocketing revenue within 24 months fueled by a spike in business customers from the many companies forced to turn to working remotely.
Writing by Juliet Onwurah, Editing by Tersoo Nicholas