KEY POINTS
  • Zoom on Tuesday announced plans to cut about 1,300 workers, or 15% of its workforce, according to a blog post shared to the company's website.
  • CEO Eric Yuan wrote in the blog post that as the world continues to adjust to life after the pandemic, the company needs to adapt to the "uncertainty of the global economy."
  • Yuan also said he plans to reduce his own salary for the coming fiscal year by 98%, and he is also foregoing is 2023 corporate bonus.

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Zoom on Tuesday announced plans to cut about 1,300 workers, or 15% of its workforce, according to a blog post on the company's website.

Shares of Zoom closed up about 9.8%.

In this article