Video conferencing star Zoom cuts staff by 15 percent
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The company behind the Zoom video conferencing platform -- which became a household name during the pandemic -- announced Tuesday it is laying off about 15 percent of its staff. Zoom Video Communications chief executive Eric Yuan is also taking a 98 percent cut in salary this year and forgoing his executive bonus, he said in a blog post about the job cuts. He added that members of his executive leadership team are taking a 20 percent salary reduction and also forfeiting bonuses this year. While people and businesses continue to rely on Zoom "as the world transitions to life post-pandemic," the Silicon Valley-based firm is seeing customers cut back on spending, Yuan said in the post. Zoom has made the "tough but necessary" decision to lay off about 1,300 people, or roughl...