According to Reports, Zoom Video Communications Inc. entered the list of organisations on Tuesday because it intends to remove 1,300 positions.

"Zoom has developed into a well-known brand with a global presence as well as an essential connection tool for both individuals and organisations over the past few years. CEO said

We have made the difficult but necessary choice to bid goodbye to over 1,300 outstanding and industrious co-workers and reduce our team by about 15% "said the CEO in a blog post.

In the post-pandemic world, there is less of a need for video services, therefore Zoom said on Tuesday that it will let go of roughly 1,300 workers.

Due to the popularity of its video conferencing tools during lockdowns, Zoom became well-known, and its revenue growth has slowed.

Due to the increase in demand during the Covid-19 outbreak, the company increased its workforce. However, it is now joining US businesses in cutting expenditures to prepare for a possible recession.

In addition to the layoffs, the CEO said that he would forgo his bonus and accept a pay cut of 98% for the upcoming fiscal year. He said, almost 15% of the employees would be affected by the layoffs.