As a result, Zoom reported a quarterly loss of $104.1 million, compared to a profit of $490.5 million a year earlier. The annual report was nevertheless well received by investors. The stock initially reacted with a price increase of more than six percent after the trading session. Zoom significantly exceeded market expectations with earnings guidance for the current quarter.
After Zoom has been one of the winners in the Corona crisis and has benefited greatly from the home office trend, signs have been pointing to a downturn for some time. In February, the company announced massive layoffs in light of the uncertain economic situation. About 15 percent of the workforce – about 1,300 employees – must therefore be laid off.
During the pandemic, Zoom launched a recruiting attack that later turned out to be excessively large. In order to save money, the salaries of the top management are cut and their bonuses are cancelled. CEO Eric Yuan plans to cut his salary by 98 percent this fiscal year. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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