Yahoo Finance markets reporter Alexandra Semenova reports on the latest tech layoffs, including Zoom's announcement.
(Bloomberg) -- Zoom Video Communications Inc. is eliminating 15% of its workers as the service that became ubiquitous during the pandemic adapts to slower growth.Most Read from BloombergQuake Toll Hits 4,000 in Turkey, Syria as Overseas Aid FlowsMeta Asks Many Managers to Get Back to Making Things or LeaveTrump Charges in Georgia Over 2020 Could Lead to Bigger Fed CaseWall Street Goes Risk-On Without Powell’s Pushback: Markets WrapPowell Says Further Rate Hikes Needed and Markets Take HeedThe co
Shares of Zoom Video Communications (NASDAQ: ZM) were trading calmly until about 12:20 p.m. ET when they suddenly soared. The company announced that it was laying off workers and Zoom stock was up about 10% within 30 minutes. Zoom is following in the footsteps of many tech companies in recent months by laying off 15% of its workforce.