Zoom Video Communications will lay off 15% of its workforce, or about 1,300 jobs, Chief Executive Officer Eric Yuan stated in weblog publish on Tuesday, sending the corporate’s shares up 7%.
Yuan additionally stated that he’ll take a wage lower of 98% for the approaching fiscal 12 months, foregoing his fiscal 2023 company bonus.
The video conferencing software program maker additionally stated that its government management group will cut back their base wage by 20% in the identical interval.
A raft of U.S. corporations from Goldman Sachs Group Inc to Alphabet Inc have laid off 1000’s this 12 months to experience out a requirement downturn wrought by excessive inflation and rising rates of interest.
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Source: economictimes.indiatimes.com