California-based video conferencing platform Zoom announced on Monday that it would cut 1,300 jobs to keep its business on track with profitability. 

With this announcement, the company joined the bandwagon of tech enterprises, which trimmed down their staff in the last one and a half years. 

According to a Reuters report, the decision came at a time when the global video conference platform witnessed a downfall in demand for its video conferencing services since the decline of the global pandemic. 

"We worked tirelessly... but we also made mistakes. We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," chief executive officer (CEO) Eric Yuan said. 

Along with the layoffs, the CEO also announced a 98 per cent pay cut for himself. He will also give up his bonus in the coming year. 

A regulatory filing revealed that the company would go through $50 million to $60 million charges related to the layoffs. 

The company has been going through a rough patch since 2022. It witnessed a 38 per cent decline in profit in the fiscal year 2022. The revenue only rose by 6.7 per cent in the same period. 

A Mint report revealed that last year, nearly 1,50,000 lost their jobs in the global tech space. Big tech giants like Facebook’s parent Meta and Twitter were seen to cut down employee numbers, fearing a global recession. Twitter laid off 7,500 employees after the acrimonious takeover by the maverick billionaire Elon Musk. Meta also trimmed 13 per cent of its entire workforce. 

This year has not offered any difference till now. E-commerce giant Amazon, Google’s parent Alphabet and big tech Microsoft– all were seen to fire their workers.