Summary: eBay and Zoom are the latest tech companies applying layoffs as 4% and 15% of their respective employees would be let go. Both companies mention that the post-covid economy is unpredictable and necessitated the job cuts. Zoom CEO Eric Yuan is taking a 98% salary cut and forfeiting his corporate bonus as well.
Tech layoffs continue in the second month of 2023 as e-commerce giant eBay and video conferencing software provider Zoom announce layoffs on Tuesday.
For eBay, its 500 job cuts represents about 4% of its workforce, while Zoom’s 1,300 load shedding will see 15% of its employees lose their jobs.
CEO Jamie Iannone, who took over the reins at the e-commerce company in 2020, said that the layoffs were necessary to the company’s continued ability to satisfy its clients.
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Ebay will be able to focus on more important areas where it can be productive. “Importantly, this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape,” Iannone’s statement read.
Zoom’s head and founder Eric Yuan cited the uncertain future of the global economy in the post-covid era. You’ll recall that it was one of the fastest growing companies during the pandemic as several people turned to its software because of its simplicity and free-to-use features.
Growing its staff without properly examining its sustainability was one of the mistakes that it made. Yuan added that he will reduce his own salary by 98% and will not take a bonus in 2023.
“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions,” he said.
Tech layoffs have become the order of the day since it began in early 2022, and eBay and Zoom are just coming in late. Many companies are realising that they can no longer afford the strain that wages are having on their revenue.
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