Zoom to shed about 1,300 jobs as pandemic-fueled demand slows

[Y2kTheNewOldies]

Zoom to shed about 1,300 jobs as pandemic-fueled demand slows

Zoom Video Communications Inc said on Tuesday it would cut about 1,300 jobs, as demand for the company's video conferencing services slows with the waning of the pandemic, and take a related charge of up to $68 million.

www.reuters.com

Some of this is that Zoom is mainly confined for office meetings. Also the company is going to take a cut.

 

[Mikey Radio]

Not a huge surprise. During the pandemic, many businesses, families, groups of friends, etc. were using Zoom to keep in touch, hold meetings and conferences and avoid boredom and feelings of loneliness and isolation, especially among older and single family members and friends. Now that many offices are fully open again and in-person meetings and gatherings are taking place, the need for resources like Zoom have fallen away. In our office we once used Webex for online meetings and video conferencing pre-covid, but we found that it either became overly bogged down during the pandemic and/or it ate up a fair amount of bandwidth and with so many working from home and some of those people having faster internet speeds than others, Zoom just worked better so we switched to it almost exclusively. Post-pandemic we've changed to another platform.

It's worth noting that Zoom's stock price was about $68/share in January of 2020 before the pandemic set in. In October of 2020, the stock price was nearly $560/share - so those who got in and out at the right time, including I'm guessing some of Zoom's corporate management, did very well for themselves.