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Why Bed Bath & Beyond Shares Are Getting Hammered

Zoom Video Communications Inc ZM shares are trading lower by 5.27% to $80.20 Wednesday afternoon as the stock pulls back after gaining Tuesday following the company&#39;s announcement of a 15% workforce reduction.

What Happened?

Eric Yuan, CEO of Zoom said in part Tuesday that: &quot;We have made the tough but necessary decision to reduce our team by approximately&nbsp;15%&nbsp;and say goodbye to around 1,300 hardworking, talented colleagues.&quot;

See Also:&nbsp;<a href="https://www.benzinga.com/news/23/02/30817893/why-bed-bath-beyond-shares-are-getting-hammered" title="Why Bed Bath &amp; Beyond Shares Are Getting Hammered">Why Bed Bath &amp; Beyond Shares Are Getting Hammered</a>

Yuan added how&nbsp;&quot;the uncertainty of the global economy, and its effect on our customers, means we need to take a hard &ndash; yet important &ndash; look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom&rsquo;s long-term vision.&quot;

Yuan says he is reducing his own&nbsp;salary for the coming fiscal year by&nbsp;98%&nbsp;and foregoing his&nbsp;FY23 corporate bonus. Additionally, members of his&nbsp;executive leadership team will reduce their base salaries by&nbsp;20%&nbsp;for the coming fiscal year while also forfeiting their FY23 corporate bonuses.

According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, ZM has a 52-week high of $152.69 and a 52-week low of $63.55.

News

Zoom Video Communications Inc (NASDAQ: ZM) shares are trading lower by 5.27% to $80.20 Wednesday afternoon as the stock pulls back after gaining Tuesday following the company&#39;s announcement of a 15% workforce reduction. What Happened?

Here's Why Zoom Shares Are Falling - Zoom Communications (NASDAQ:ZM)

Henry Khederian

Zoom Communications

Zoom Video Communications Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zm#NASDAQ">ZM</a>) shares are trading lower by 5.27% to $80.20 Wednesday afternoon as the stock pulls back after gaining Tuesday following the company&#39;s announcement of a 15% workforce reduction.

What Happened?

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