Zoom Video Communications, Inc. ZM is reportedly slashing about 150 jobs this week.
The number of employees leaving the company, recognized for its videoconferencing software, is less than 2% of its total workforce, Bloomberg reported, citing a person familiar with the matter.
The cuts aren’t across the entire company, and Zoom plans to hire in 2024, particularly in fields like artificial intelligence, sales, and engineering, the report added, citing an anonymous source familiar with internal company strategy.
“We regularly evaluate our teams to ensure alignment with our strategy,” a Zoom spokesperson told Bloomberg. “As part of this effort, we are rescoping roles to add capabilities and continue to hire in critical areas for the future.”
On a separate note, Okta, Inc. OKTA, a software company, announced on Thursday that it would cut 7% of its workforce as part of cost reduction measures.
Price Action: ZM shares are trading higher by 0.03% to $64.63 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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