Zoom lays off 150 employees as tech companies continue to cut costs

Zoom will lay off nearly 150 employees, accounting for less than 2% of the company’s total workforce.

Zoom said the layoffs are not company-wide and that it will continue to hire for positions in artificial intelligence, sales, product and across operations through 2024. “We regularly evaluate our teams to ensure alignment with our strategy,” a Zoom spokesperson told CNBC. A statement.

The spokesman added: “As part of this work, we are re-scoping roles to increase capabilities and continue to recruit in key areas for the future.”

In February last year, Zoom laid off about 1,300 employees, accounting for about 15% of its total workforce.

In addition to Zoom, cloud software provider Okta also announced the layoff of about 400 employees, accounting for about 7% of its total workforce. “The reality is the costs are still too high,” Okta CEO Todd McKinnon said. According to reports, Okta’s stock price rose about 3.6% in pre-market trading on this news.

McKinnon said the company needed to be more “thoughtful” about where it invests to achieve “long-term success.”

“To grow profitably, we need to run the business with greater efficiency. While we have taken steps in the right direction, the reality is that costs are still too high. We need to watch our overall spend so that we can continue to invest in The areas, products and routes to market where the opportunities are greatest.”

(This article has not been edited by News18 staff and is published by IANS, the associated news agency)