Zoom cuts 15% staff

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

The company’s shares, which fell 63% last year amid a rout in technology shares, closed up 9.9% on the news. While announcing the layoffs, which will hit nearly 15% of its workforce, Chief Executive Eric Yuan said he would take a pay cut of 98% for the coming fiscal year and forgo a bonus.

“We worked tirelessly . . . but we also made mistakes. We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities,” Yuan said.