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ericbqlee
2023-02-08

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Zoom to Shed About 1,300 Jobs As Pandemic-Fueled Demand Slows

Feb 7 (Reuters) - Zoom Video Communications Inc said on Tuesday it would cut about 1,300 jobs, as de

Zoom to Shed About 1,300 Jobs As Pandemic-Fueled Demand Slows

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DesmondAn
·2023-02-08
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We didn&#39;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,&#34; Yuan said.</p><p>Zoom will incur about $50 million to $68 million in charges related to the layoffs, according to a regulatory filing on Tuesday. The company said a substantial part of it will be spent in the first quarter of fiscal 2024.</p><p>The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, has seen its revenue growth slow.</p><p>Analysts are forecasting Zoom&#39;s revenue to have risen just 6.7% in fiscal 2022 after a more than four-fold jump in revenue and a nine-fold surge in profit increase in 2021. Profit is estimated to have fallen 38% in 2022.</p><p>&#34;I would say incrementally, maybe this is telling us we shouldn&#39;t expect reacceleration in the near-term on the revenue side, but we could see additional upside to margins for a company that is already profitable,&#34; RBC Capital Markets analyst Rishi Jaluria said.</p><p>Zoom had bumped up hiring during the pandemic to meet surging demand, but now joins U.S. companies in reining in costs to brace for a potential recession.</p><p>A raft of U.S. companies from Goldman Sachs Group Inc to Alphabet Inc have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.</p><p>The video conferencing software maker also said that its executive leadership team will reduce their base salary by 20% in the same period.</p><p>Departing employees will receive 16 weeks of salary, healthcare coverage and a bonus for the year, Yuan said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4551":"寇图资本持仓","BK4554":"元宇宙及AR概念","BK4535":"淡马锡持仓","BK4548":"巴美列捷福持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","ZM":"Zoom","BK4505":"高瓴资本持仓","BK4585":"ETF&股票定投概念","BK4023":"应用软件","BK4528":"SaaS概念","BK4525":"远程办公概念","BK4532":"文艺复兴科技持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2309858068","content_text":"Feb 7 (Reuters) - 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% last year amid a rout in technology shares, closed up 9.9% on the news but were down marginally in extended trading.While announcing the layoffs, which will hit nearly 15% of its workforce, Chief Executive Officer Eric Yuan said he would take a pay cut of 98% for the coming fiscal year and forego his bonus.\"We worked tirelessly... but we also made mistakes. 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