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Macro headwinds hit Zoho's overall growth
Mint Mumbai
|October 10, 2023
Company has turned cautious about hiring and spending in the past year
Zoho Corp. is experiencing a revenue growth slowdown due to macroeconomic challenges in its key North American market. Chief executive Sridhar Vembu said the company has turned cautious regarding spending and hiring, as many of the problems are unlikely to be resolved quickly.
“We will have temporary fluctuations. But, you also have to take into account the long-term backdrop. That is why we turned very cautious over a year ago, and we remain cautious in terms of hiring and other expenses," Vembu said.
Founded in 1996, Zoho reported $1 billion in annual operating revenue in November last year. While revenue for the company is still growing at a slower pace, the company is hiring “very cautiously".
Vembu, however, is optimistic about long-term tech outsourcing spending, and added that company remains bullish on IT spending growth in India.
This story is from the October 10, 2023 edition of Mint Mumbai.
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