Job losses in the US IT industry continue: video conferencing specialist Zoom, which experienced explosive growth during the pandemic, has had to leave more than 1,000 employees. The online retailer eBay also has hundreds of them.
Zoom is cutting about 1,300 jobs in total, following the example of many other companies in the tech industry. Zoom is going to cut about 15 percent of its workforce, CEO Eric Yuan announced on Tuesday.
Yuan himself wants to cut his salary by 98 percent for the coming fiscal year and waive his bonus for 2023. Top management will also surrender 20 percent of their base salary.
Zoom only lowered its 2022 sales forecast in November, citing declining demand for the video conferencing platform and increasing competition from Cisco’s WebEx, Salesforce’s Slack, Microsoft Teams and Google Meet.
American online retailer eBay wants to cut 500 jobs worldwide. The reduction corresponds to four percent of the total workforce, the American company announced on Tuesday after the stock market closed. In recent times, several technology companies have reduced their workforce due to declining demand and high inflation.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
