(Reuters) -Zoom Video Communications will lay off 15% of its workforce, or about 1,300 jobs, Chief Executive Officer Eric Yuan said in blog post on Tuesday, sending the company’s shares up 7%.
Yuan also said that he will take a salary cut of 98% for the coming fiscal year, foregoing his fiscal 2023 corporate bonus.
The video conferencing software maker also said that its executive leadership team will reduce their base salary by 20% in the same period.
A raft of U.S. companies from Goldman Sachs Group Inc to Alphabet Inc have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.
(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)