In this illustration from February 21, 2023, a keyboard is placed in front of a displayed LinkedIn logo. Portal/Dado Ruvic/Illustration acquire license rights
Oct 16 (Portal) – Microsoft (MSFT.O) LinkedIn said on Monday it is cutting 668 people across its engineering, talent and talent teams in the second round of job cuts this year for the social media network for professionals Finance teams will be laid off as revenue growth slows.
The cuts, affecting more than 3% of its 20,000 employees, add to tens of thousands of job losses in the tech sector this year amid an uncertain economic outlook.
“As we adjust our organizational structures and streamline our decision-making, we continue to invest in strategic priorities for our future and ensure we continue to deliver value to our members and customers,” LinkedIn said in a blog on Monday.
The tech sector laid off 141,516 employees in the first half of the year, compared with about 6,000 a year ago, according to employment firm Challenger, Gray & Christmas.
LinkedIn makes money through ad sales and subscription fees for recruiting and sales professionals who use the network to find suitable candidates.
In the fourth quarter of fiscal 2023, LinkedIn’s revenue increased 5% year-over-year, compared to 10% in the previous quarter.
Microsoft cites a slowdown in hiring and a decline in advertising spending as headwinds for LinkedIn, even as the company continues to add new members to its 950 million-member community.
LinkedIn decided in May to cut 716 jobs across its sales, operations and support teams to streamline its operations and remove shifts to make faster decisions.
Reporting by Krystal Hu in New York; Additional reporting by Yuvraj Malik and Aditya Soni in Bengaluru; Editing by Arun Koyyur and Emelia Sithole-Matarise and Aurora Ellis
Our standards: The Trust Principles.
Acquire license rights, opens new tab