In August 2022, Eric Yuan, the CEO of Zoom, introduced that the corporate could be shedding roughly 900 staff, or 15% of its workforce. This determination was made in response to the corporate’s slowing progress and the necessity to cut back prices. The layoffs affected staff throughout numerous departments, together with gross sales, advertising and marketing, and engineering.
The layoffs at Zoom are a part of a broader pattern of tech firms downsizing their workforces in 2022. Different firms which have introduced layoffs this yr embrace Meta, Twitter, and Amazon. The tech trade has been hit arduous by the latest financial downturn, and lots of firms need to reduce prices by lowering their headcount.