Zoom, a video communication platform, is laying off around 150 employees as part of its ongoing effort to align its teams with its strategy. The company’s popularity has decreased as more people have returned to their offices and companies are adopting hybrid work models. However, the job cuts are not affecting all departments, and Zoom continues to hire in areas such as artificial intelligence, sales, and product development. The layoffs make up less than two percent of Zoom’s total workforce.
Zoom’s headquarters in San Jose, California, has not provided details on how these changes will impact its channel team. Reports suggest that the Latin America (LATAM) sales team and various other departments were affected. Some employees have confirmed their layoffs on social media platforms.
The company’s stock has seen a decline of about 10 percent this year and has dropped nearly 90 percent from its highest point in October 2020. Despite these challenges, Zoom plans to focus on hiring in key areas to secure its future growth.
Last year, Zoom also conducted a larger round of layoffs, letting go of around 1,300 employees, or 15 percent of the workforce, which affected various parts of the company. In response to this, Eric Yuan, CEO of Zoom, announced a significant reduction in his own salary for 2023, slashing it by 98 percent, and also decided not to let go his corporate bonus for the fiscal year 2023.
