Technology firm Zoom, which gained widespread attention during the Covid-19 outbreak as more businesses adopted remote work strategies, stated on Tuesday that it was be laying off 1,300 workers.
On Tuesday, Zoom CEO Eric Yuan sent a statement to staff members stating the company must change in response to the “uncertainty of the global economy” and “its influence on our clients.”
Zoom stock had risen by over 7% when the market closed for the day. We put countless hours into improving Zoom to serve our users and customers better. However, we were not perfect,” Yuan admitted in a Zoom blog.
To put it bluntly, “we didn’t take as much time as we should have to thoroughly study our teams or determine if we were developing sustainably, towards the top priorities.” According to Yuan, the cuts will affect 15% of the company’s staff.
The CEO stated that the company increased employment during the epidemic because businesses became more reliant on the service as employees worked from home.
Within a year and a half, Zoom tripled to meet customer needs. Even after the pandemic, he said, businesses still rely on the service, although modifications are necessary.
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Zoom Plans To Lay Off 1,300 Workers Or 15% Of Its Current Staff
According to a blog post on the company’s homepage, Zoom stated on Tuesday that it expects to let off around 1,300 employees, or 15% of its workforce. When the market closed, Zoom shares were up by nearly 9.8 per cent.
CEO Eric Yuan noted in a corporate blog post that the company needs to adjust to the “uncertainty of the global economy” and the “impact it has on our consumers” as the world struggles to recover from the Covid pandemic.
We are excited to announce @zoom_us plans to expand its video UC platform with deeper integrations and partnerships to grow its ecosystem and lay the foundation for empowered communications #avtweeps pic.twitter.com/7MW8EOI9QX
— Justin Dean (@JustinWDean) October 17, 2019
Video chat services like Zoom saw a significant uptick in usage as people were forced to work from home during the pandemic.
We put countless hours into improving Zoom to serve our users and customers better. “But we made mistakes, too,” Yuan admitted. To put it bluntly, “we didn’t take as much time as we should have to thoroughly study our teams or determine if we were developing sustainably, towards the top priorities.”
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