Zoom will be reducing its workforce by approximately 15%, around 1,300 employees across all divisions.
Story by Dashveenjit Kaur, TechHQ
The technology industry is not done with its season of firing. This week, Zoom Video Communications joined its peers in announcing layoffs that would impact approximately 1,300 of its employees. The move by Zoom didn’t come as a surprise, since the company grew tremendously during the pandemic, especially between 2020 and 2021. Unfortunately, it is time to pay the price, even if Zoom was the biggest corporate success stories to come out of the pandemic.
Zoom is evolving.
Zoom – the next generation
From having just 10 million daily meeting participants at the end of 2019, the video conferencing platform was hosting a staggering 300 million daily participants by April 2020. Zoom became a household name, and for many, a necessity for work and play. The company not only saw a big surge in the use of its free service, but also a spike in paying customers. Across 2020 alone, Zoom’s growth skyrocketed to heights never-seen-before, with revenues soaring 326% year-on-year to US$2.6 billion.