Zoom announced 1,300 layoffs, eBay will also cut 500 jobs

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Recently, the wave of layoffs in the US technology industry is spreading, and technology companies have announced that they will lay off workers. Eric Yuan, CEO of Zoom, announced on his blog that he will lay off 15% of his employees, which means that about 1,300 people will lose their jobs, and every department within it will be affected by layoffs.

Over the past three years, due to the need for remote work during the new COVID-19 epidemic, Zoom has rapidly expanded in size, tripling in 24 months. Eric Yuan said that the rapid expansion in a short period of time also left Zoom with insufficient time to analyze the team or evaluate whether it is sustainable in the direction of the highest priority.
As the world moves toward a post-COVID-19 era, uncertainty about the global economy and its impact on its customers has Zoom re-examined itself so it can weather the tough times ahead.

Employees in the United States who are dismissed will receive severance pay, which includes up to 16 weeks of wages and medical insurance. Employees in other countries and regions have similar severance pay, but local legal requirements will be considered. At the same time, Eric Yuan will cut his salary by 98% in the next fiscal year and give up his bonus for the fiscal year 2023. Other senior management team members will also cut their salaries by 20% in the new fiscal year and give up their bonuses for the fiscal year 2023.

According to Reuters, eBay submitted to the United States Securities and Exchange Commission (SEC) documents showing that it will also lay off 500 people, accounting for about 4% of its total workforce. eBay said that this is the decision made by the company’s management after studying the global macroeconomic situation in the past few months.

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