#QuickTakes By

Zoom To Layoff 1300 People

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Zoom has decided to cut 15% of its workforce, which is 1,300 people.

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The cut is due to uncertainty in the global economy and its impact on customers.

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The company experienced rapid growth during the pandemic, increasing its staff three times over to handle the demand.

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Despite the slowdown in growth, the company remains on an upward trajectory.

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The most recent quarterly earnings showed a 5% YoY increase in revenue to $1.1 billion, with a 20% increase in enterprise revenue.

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CEO Eric Yuan is taking responsibility for the cuts and is cutting his salary by 98% and declining his bonus.

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Executive leadership will also reduce their pay by 20% and forfeit bonuses.

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Yuan's net worth is $3.9 billion according to Forbes.

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Impacted employees will receive up to 16 weeks' salary and health coverage, their bonus from last year, and access to stock option vesting and job search services.

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The cuts are being made to reset the company and weather the economic environment.

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