Zoom to shed about 1,300 jobs as pandemic-fueled demand slows

Zoom Video Communications Inc said on Tuesday it would cut about 1,300 jobs, as demand for the company’s video conferencing services slows with the waning of the pandemic, and take a related charge of up to $68 million.

The company’s shares, which fell 63 per cent last year amid a rout in technology shares, closed up 9.9 per cent on the news but were down marginally in extended trading.

While announcing the layoffs, which will hit nearly 15 per cent of its workforce, Chief Executive Officer Eric Yuan said he would take a pay cut of 98 per cent for the coming fiscal year and forego his bonus.