Zoom, the video conferencing powerhouse that had explosive growth during the COVID-19 pandemic, has disclosed that 15% of its workforce, or around 1,300 workers, will be let go. The company’s CEO, Eric Yuan, attributed the need to reduce staff expenses to the company’s previously accelerated hiring during the pandemic and the unpredictability of the global economy. The number of staff at Zoom increased by more than 275% between July 2019 and October 2022, reaching 8,422 employees. Many companies and schools depended on Zoom to keep their operations running at the peak of the pandemic; however, with lockdowns becoming rare events and the rise of “Zoom fatigue,” the corporation has struggled to continue its growth. Zoom’s market cap peaked at $150 billion in late 2020, but has since dropped to roughly $24 billion. Yuan acknowledged not devoting enough effort to analyzing the company’s growth and determining if that expansion…
