Zoom cuts staff by 15%, CEO slashes salary as tech sector woes grow

The video conference service Zoom has announced major job cuts in response to the decrease of pandemic-related home office set ups across the world.
"We have made the tough but necessary decision to reduce our team by approximately 15%," CEO Eric Yuan told employees on Tuesday.
Around 1,300 employees at Zoom are affected by the cuts and will be let go.
Yuan also announced reduced pay and cancelled bonuses for top members of management. He said he himself is planning on reducing his salary by 98% in the coming fiscal year.
Zoom made huge profits at the beginning of the coronavirus pandemic, as millions of employees around the world were forced to work from home and use communication platforms such as Zoom.
Zoom reacted to its surge in demand by hiring hundreds of new employees.
This hiring spurt turned out to be over-ambitious however, and has left the company struggling since the end of the pandemic-related boom.
Zoom's job cuts are in line with current industry trends. In recent weeks and months, several other tech companies - including Facebook's parent Meta, the world's largest online retailer Amazon, Google's Alphabet and Twitter - have all carried out rounds of layoffs.