Video conference app company, zoom video communications announced they are planning to lay off 15 percent of their work force. Zoom's CEO Eric Yuan admitted that the company will lay off around 1.500 workers as part of a restructuring effort in the midst of slow growth.
Eric Yuan said, he was responsible for the company's woes and said he plans to cut his wages by 98%. He will also give up his bonus for this fiscal year. Meanwhile the wages of zoom executives will be cut by 20%.
The layoffs come, after a boom in hiring during the pandemic. Zoom's workforce increased by threefolds in the past two years, as the pandemic locked people indoors and spurred an increase in use of Zoom.