Zoom announced Tuesday that it was cutting about 1,300 jobs, a 15 percent reduction of its workforce.
Zoom CEO Eric Yuan said that the company didn’t take as much time to understand whether it was sustainably growing, adding that the uncertainty of the global economy pushed it “to look inward to reset ourselves so we can weather the economic environment.”
“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today — and I want to show accountability not just in words but in my own actions,” Yuan said in a statement.
He added that he was reducing his salary by 98 percent for the coming fiscal year and foregoing this year’s corporate bonus. His executive team will also reduce their base salaries by 20 percent and forfeit corporate bonuses.
Zoom is the latest tech company to lay off workers in past weeks.
On Monday, Dell Technologies announced that it was cutting about 6,600 jobs, a 5 percent cut of its global workforce.
Dell said the cuts are in response to a “challenging global economic environment.”
Last week, PayPal and Workday also announced rounds of job cuts, eliminating 7 percent and 3 percent of their workforces, respectively.
Zoom said that the workers that have been laid off will be offered compensation and benefits, including 16 weeks of salary and health care coverage.