AIRLINK 188.48 Decreased By ▼ -1.04 (-0.55%)
BOP 12.70 Decreased By ▼ -0.07 (-0.55%)
CNERGY 7.25 Increased By ▲ 0.09 (1.26%)
FCCL 42.47 Increased By ▲ 0.35 (0.83%)
FFL 15.45 Decreased By ▼ -0.09 (-0.58%)
FLYNG 25.23 Increased By ▲ 0.04 (0.16%)
HUBC 133.46 Increased By ▲ 3.37 (2.59%)
HUMNL 14.40 Increased By ▲ 0.08 (0.56%)
KEL 4.79 Increased By ▲ 0.12 (2.57%)
KOSM 6.34 Decreased By ▼ -0.17 (-2.61%)
MLCF 49.04 Increased By ▲ 2.10 (4.47%)
OGDC 210.37 Increased By ▲ 7.62 (3.76%)
PACE 6.43 Decreased By ▼ -0.01 (-0.16%)
PAEL 42.49 Increased By ▲ 1.35 (3.28%)
PIAHCLA 16.89 Decreased By ▼ -0.14 (-0.82%)
PIBTL 8.92 Increased By ▲ 0.21 (2.41%)
POWER 10.73 Increased By ▲ 0.03 (0.28%)
PPL 178.06 Increased By ▲ 5.85 (3.4%)
PRL 35.24 Increased By ▲ 0.47 (1.35%)
PTC 24.81 Decreased By ▼ -0.04 (-0.16%)
SEARL 96.83 Increased By ▲ 0.11 (0.11%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
SSGC 31.89 Increased By ▲ 1.31 (4.28%)
SYM 17.72 Decreased By ▼ -0.17 (-0.95%)
TELE 8.31 Decreased By ▼ -0.09 (-1.07%)
TPLP 11.86 Decreased By ▼ -0.03 (-0.25%)
TRG 63.27 Decreased By ▼ -0.08 (-0.13%)
WAVESAPP 11.64 Increased By ▲ 0.01 (0.09%)
WTL 1.49 Decreased By ▼ -0.01 (-0.67%)
YOUW 3.94 Decreased By ▼ -0.11 (-2.72%)
AIRLINK 188.48 Decreased By ▼ -1.04 (-0.55%)
BOP 12.70 Decreased By ▼ -0.07 (-0.55%)
CNERGY 7.25 Increased By ▲ 0.09 (1.26%)
FCCL 42.47 Increased By ▲ 0.35 (0.83%)
FFL 15.45 Decreased By ▼ -0.09 (-0.58%)
FLYNG 25.23 Increased By ▲ 0.04 (0.16%)
HUBC 133.46 Increased By ▲ 3.37 (2.59%)
HUMNL 14.40 Increased By ▲ 0.08 (0.56%)
KEL 4.79 Increased By ▲ 0.12 (2.57%)
KOSM 6.34 Decreased By ▼ -0.17 (-2.61%)
MLCF 49.04 Increased By ▲ 2.10 (4.47%)
OGDC 210.37 Increased By ▲ 7.62 (3.76%)
PACE 6.43 Decreased By ▼ -0.01 (-0.16%)
PAEL 42.49 Increased By ▲ 1.35 (3.28%)
PIAHCLA 16.89 Decreased By ▼ -0.14 (-0.82%)
PIBTL 8.92 Increased By ▲ 0.21 (2.41%)
POWER 10.73 Increased By ▲ 0.03 (0.28%)
PPL 178.06 Increased By ▲ 5.85 (3.4%)
PRL 35.24 Increased By ▲ 0.47 (1.35%)
PTC 24.81 Decreased By ▼ -0.04 (-0.16%)
SEARL 96.83 Increased By ▲ 0.11 (0.11%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
SSGC 31.89 Increased By ▲ 1.31 (4.28%)
SYM 17.72 Decreased By ▼ -0.17 (-0.95%)
TELE 8.31 Decreased By ▼ -0.09 (-1.07%)
TPLP 11.86 Decreased By ▼ -0.03 (-0.25%)
TRG 63.27 Decreased By ▼ -0.08 (-0.13%)
WAVESAPP 11.64 Increased By ▲ 0.01 (0.09%)
WTL 1.49 Decreased By ▼ -0.01 (-0.67%)
YOUW 3.94 Decreased By ▼ -0.11 (-2.72%)
BR100 12,023 Increased By 158.1 (1.33%)
BR30 36,130 Increased By 809.4 (2.29%)
KSE100 114,330 Increased By 1529.2 (1.36%)
KSE30 35,612 Increased By 576.2 (1.64%)

Zoom Video Communications said on Tuesday it would cut 15% of its workforce, or about 1,300 jobs, and trim base pay for its executive leadership as pandemic-fueled demand for the company's video conferencing services slows.

Shares of the company rose about 9% on the news, after declining 63% last year.

Announcing the layoffs, Chief Executive Eric Yuan also said that he will take a salary cut of 98% for the coming fiscal year, foregoing his fiscal 2023 corporate bonus.

"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," the top boss said.

Microsoft to cut 10,000 jobs as tech layoffs intensify

The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, has seen its revenue growth slow.

Analysts are forecasting Zoom'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.

Zoom had bumped up hiring during the pandemic to meet surging demand, but now joins U.S. companies is reining in costs to brace for a potential recession.

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.

The video conferencing software maker also said that its executive leadership team will reduce their base salary by 20% in the same period.

Departing employees will receive 16 weeks of salary, healthcare coverage and annual bonus for the year, Yuan added.

Comments

Comments are closed.