The company said a substantial part of it will be spent in the first quarter of fiscal 2024. Zoom will incur about $50m to $68m in charges related to the layoffs, according to a regulatory filing on Tuesday. 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,” Yuan said. “We worked tirelessly … but we also made mistakes. While announcing the layoffs on Tuesday, which will hit nearly 15 percent of its workforce, Chief Executive Officer Eric Yuan said he would take a pay cut of 98 percent for the coming fiscal year and forego his bonus. The company’s shares, which fell 63 percent last year amid a rout in technology shares, closed up 9.9 percent on the news but were down marginally in extended trading. Zoom Video Communications Inc has said it would cut about 1,300 jobs and take a related charge of up to $68m as demand for its video conferencing services slows with the waning of the pandemic.
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