Big tech job cuts keep coming; Zoom latest to trim headcount

KIFI

Published February 7, 2023 11:57 AM

By MICHELLE CHAPMAN
AP Business Writer

The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesn’t appear to be any let up this month. The video-conferencing service Zoom said Tuesday that it is cutting about 1,300 jobs, or approximately 15% of its workforce. CEO Eric Yuan is also lowering his salary for the coming fiscal year by 98% and foregoing his 2023 corporate bonus. The company ramped up staffing during the COVID-19 pandemic, when businesses became increasingly reliant on its service as people worked from home. Yuan said Zoom grew three times in size within 24 months to manage demand but now adjustments are needed.

Article Topic Follows: AP National Business

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