On February 10th, 2021, the CEO of Zoom Video Communications Inc., Eric Yuan, announced that the company would be firing 900 employees. This move came as Zoom reported an impressive revenue increase of 369% compared to the previous year and reported a profit of $788 million for the latest financial quarter.
The decision to fire 900 employees comes as a shock for many given the spectacular performance of Zoom during this pandemic. However, when asked why he made this decision, CEO Eric Yuan stated that it was necessary in order to ensure long-term growth and success. He stated that these layoffs were primarily a result of shifting focus from short-term gains to longer-term objectives as well as increasing efficiency within the company.
Eric believes that these layoffs are necessary in order to create a sustainable and profitable business model in an increasingly competitive industry. He also emphasized that Zoom wants to focus on delivering the best experience to its customers while investing more in research and development, customer service, marketing and product development.
Furthermore, Eric highlighted that even with these layoffs, Zoom is still growing and hiring people who are contributing essential skills in various departments within their organization. He also emphasized his belief in providing a safe workplace for all employees so they can achieve their fullest potential at Zoom.
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