Zoom has laid off over 1,000 employees as part of its recent cost-cutting measures. The #layoffs will affect approximately 10% of the company's global workforce.
Despite experiencing significant growth during the pandemic, #Zoom has faced increased competition from other video conferencing platforms. The layoffs come with up to $68 million in charges including big bonus cuts for the exec team, even Eric Yuan the founder and CEO has taken a 98% pay cut.
Zoom's decision to lay off employees is a difficult but necessary step to control costs and maintain its position as a leader in the #UCOMS market.
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