Zoom to lay off 1,300 employees, or about 15% of its workforce

Zoom connected Tuesday announced plans to chopped astir 1,300 workers, oregon 15% of its workforce, according to a blog station shared to the company's website.

Shares of Zoom were up astir 8% Tuesday.

CEO Eric Yuan wrote successful the blog station that arsenic the satellite continues to set to beingness aft the pandemic, the institution needs to accommodate to the "uncertainty of the planetary economy" arsenic good arsenic "its effect connected our customers."

Zoom experienced a immense roar during the pandemic erstwhile radical were forced to enactment from location and turned to video chat bundle to enactment successful interaction with colleagues, friends and family.

"We worked tirelessly and made Zoom amended for our customers and users. But we besides made mistakes," Yuan said. "We didn't instrumentality arsenic overmuch clip arsenic we should person to thoroughly analyse our teams oregon measure if we were increasing sustainably, toward the highest priorities." 

Yuan said the cuts volition interaction each enactment crossed Zoom, and employees who are laid disconnected volition beryllium offered up to 16 weeks of wage and healthcare coverage. Yuan besides said helium plans to trim his ain wage for the coming fiscal twelvemonth by 98%, and helium is besides foregoing is 2023 firm bonus.

"As the CEO and laminitis of Zoom, I americium accountable for these mistakes and the actions we instrumentality today– and I privation to amusement accountability not conscionable successful words but successful my ain actions," helium wrote successful the post.

The company's layoff announcement marks the latest circular of occupation cuts successful the tech industry, as Dell on Monday announced plans to cut 6,650 jobs. In January, Google revealed plans to laic disconnected much than 12,000 workers, Microsoft disclosed plans to cut 10,000 employees and Salesforce announced plans to lay disconnected 7,000 workers.