Due to a drop in demand for its video conferencing services brought on by the pandemic, Zoom would cut 15% of its staff (1,300 employees) and lower executive pay. Despite this, the company's shares increased by 9% after falling by 63% the year before. CEO Eric Yuan will forfeit his 2023 bonus and suffer a 98% pay cut. Yuan acknowledged that the business had made errors and had neglected to carefully study its teams or gauge the sustainability of development.
After a 4-fold growth in sales and a 9-fold increase in profit in 2021, analysts forecast a 6.7% increase in revenue and a 38% reduction in profit for 2022. The impacted employees, whom Mr. Yuan described as "hard-working, bright colleagues," will receive an email if they are based in the US, and all non-US staff will be informed in accordance with local regulations.
"If you are a US-based employee who is impacted, you will get an email that says [IMPACTED] Departing Zoom: What You Need to Know to your personal and Zoom inboxes in the next 30 minutes. Following local regulations, notifications will be sent to non-US employees "said Mr. Yuan. Outside of the US, "Zoomies" will receive comparable support that will take into account local rules, according to Mr. Yuan.
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