Zoom Lays Off 150 Employees, Okta Slashes 400 Jobs | Companies News


New Delhi: Video communication platform Zoom is laying off nearly 150 employees, or less than 2 percent of the company’s workforce. Zoom said the layoffs are not company-wide and it will continue to hire for roles in artificial intelligence, sales, product and across operations in 2024.

“We regularly evaluate our teams to ensure alignment with our strategy,” a Zoom spokesperson told CNBC in a statement. “As part of this effort, we are rescoping roles to add capabilities and continue to hire in critical areas for the future,” the spokesperson added. (Also Read: SBI Net Profit Declines 35 Pc To Rs 9,164 Crore In Q3)

Last February, Zoom slashed around 1,300 jobs, or about 15 percent of its workforce. In addition to Zoom, cloud software vendor Okta also announced to lay off about 400 employees, or about 7 per cent of its workforce. Okta CEO Todd McKinnon said that the “reality is that costs are still too high”. (Also Read: UPI’s Global Launch At The Iconic Eiffel Tower In France)

Okta shares rose around 3.6 percent in premarket trading on the news, according to reports. McKinnon said the firm needed to be more “thoughtful” about where it was investing to achieve “long-term success.”

“In order to grow profitably, we need to run the business with greater efficiency. While we’ve taken steps in the right direction, the reality is that costs are still too high. We need to be mindful of our overall spend so we can continue to invest in the areas, products, and routes to market with the most opportunity,” said the CEO.

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