Zoom Video Communications (NASDAQ:ZM) layoffs are coming to the communications platform a it prepares to cut roughly 150 jobs.
Zoom notes that these layoffs will affect less than 2% of the company’s employees. They also aren’t company-wide, as the video meeting company plans to continue hiring across several other departments.
Here’s what a Zoom spokesperson had to say about the layoffs in a statement to CNBC:
“We regularly evaluate our teams to ensure alignment with our strategy […] As part of this effort, we are rescoping roles to add capabilities and continue to hire in critical areas for the future.”
Investors will remember that Zoom saw a surge in use during the Covid-19 pandemic. After that attention calmed down, the company laid off 1,300 workers in February 2023.
Zoom Joins Layoffs Trend
Plenty of companies outside of Zoom have announced layoffs already in 2024. That has many in the tech sector cutting jobs as they prepare for what could be a rough economy this year.
Factors that continue to weigh on companies include increased inflation and interest rates. Many traders are hoping interest rates will be cut this year, which could help relieve companies from extra pressure.
ZM stock is down almost 1% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
