Friday, February 23, 2024
Stock Market

Zoom Layoffs 2024: What to Know About the Latest ZM Job Cuts

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Zoom Video Communications (NASDAQ:ZM) layoffs are coming to the communications platform prepares to cut roughly 150 jobs.

Zoom notes that these layoffs will affect less than 2% of the company’s employees. They also aren’t companywide as the video meeting company plans to continue hiring across several other departments.

Here’s what a Zoom spokesperson had to say about the layoffs in a statement to CNBC.

“We regularly evaluate our teams to ensure alignment with our strategy. As part of this effort, we are rescoping roles to add capabilities and continue to hire in critical areas for the future.”

Investors will remember that Zoom saw a surge in use during the Covid-19 pandemic. After that attention calmed down, the company laid off 1,300 workers in February 2023.

Zoom Joins Layoffs Trend

Plenty of companies outside of Zoom have announced layoffs already in 2024. That has many in the tech sector cutting jobs as they prepare for what could be a rough economy this year.

Factors that continue to weigh on companies include increased inflation and interest rates. Many traders are hoping interest rates will be cut this year, which could help relieve companies from extra pressure.

ZM stock is down almost 1% as of Friday morning.

Investors seeking out all of the hottest stock market stories are in luck!

We have all of the latest market news worth reading about on Friday. Among that is what’s moving shares of Plug Power (NASDAQ:PLUG), Addvantage Technologies (NASDAQ:AEY) and GRI Bio (NASDAQ:GRI) stock today. All of that info is ready to go at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/02/zoom-layoffs-2024-what-to-know-about-the-latest-zm-job-cuts/.

©2024 InvestorPlace Media, LLC

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