Layoff News: With this announcement, Zoom joined a growing list of tech firms that have sacked thousands of employees amid global economic meltdown. Earlier on Monday, Dell Inc announced that it will eliminate 6.500 jobs or about 5 per cent of its global workforce.
Layoff News: Since demand for its services slowed with the waning of the pandemic, Zoom Video Communications Inc has decided to cut 1,300 jobs. The layoff will hit nearly 15% of the company’s workforce,Chief Executive Officer Eric Yuan said, adding that he would take a pay cut of 98% and forego his bonus for the coming fiscal year.
“We worked tirelessly … but we also made mistakes. We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities,” AFP reported quoting Yuan as saying.
With this announcement, Zoom joined a growing list of tech firms that have sacked thousands of employees amid global economic meltdown. Earlier on Monday, Dell Inc announced that it will eliminate 6.500 jobs or about 5 per cent of its global workforce.
According to a memo viewed by Bloomberg, Co-Chief Operating Officer Jeff Clarke stated, “The company is experiencing market conditions that “continue to erode with an uncertain future.”
Read More: Repo Rate, Plastic Money And MICR: 10 Finance Terms To Improve Your Banking Understanding
Mass Layoffs in 2023
- Amazon: The e-commerce company said it must cut about 18,000 positions. That’s just a fraction of its 1.5 million-strong global workforce.
- Salesforce: The company lays off 10% of its workforce, about 8,000 employees.
- Coinbase: The cryptocurrency trading platform cuts approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
- Microsoft: The software company said it will cut about 10,000 jobs, almost 5% of its workforce.
- Google: The search engine giant becomes the most recent in the industry to say it must adjust, saying 12,000 workers, or about 6% of its workforce, would be let go.
- Spotify: The music streaming service is cutting 6% of its global workforce. It did not give a specific number of job losses. Spotify reported in its latest annual report that it had about 6,600 employees, which implies that 400 jobs are being axed.
- SAP: Germany-based SAP, Europe’s biggest software company, said it it cutting up to 3,000 jobs worldwide, or about 2.5% of its workforce, after a shop drop in profits.
- PayPal: The digital payments company says it will trim about 7% of its total workforce, or about 2,000 full-time workers, as it contends with a challenging environment.
