Zoom: The video-conferencing service is cutting about 1,300 jobs

Zoom CEO Eric Yuan said in a blog post Tuesday that the company ramped up staffing during the COVID-19 pandemic, when businesses became increasingly reliant on its service as people worked from home. Yuan said Zoom grew three times in size within 24 months to manage demand.

The executive said that businesses continue to depend on its service post-pandemic but that adjustments are needed.

The uncertainty of the global economy, and its effect on our customers, means we need to take a hard yet important look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom's long-term vision, he wrote.

Yuan said he was also lowering his salary for the coming fiscal year by 98% and foregoing his 2023 corporate bonus, saying he was accountable for mistakes made at the San Jose, California-based company and the actions being taken. Yuan's executive leadership team is also reducing their base salaries by 20% for the coming fiscal year and forfeiting their 2023 corporate bonuses.