LinkedIn cuts 700 jobs in 2nd round of layoffs this year
A photo illustration the Logo of LinkedIn is illuminated on a smartphone close to a finger on October 06, 2023 in Berlin, Germany. (Photo Illustration by Thomas Trutschel/Photothek via Getty Images)
- LinkedIn, which is owned by Microsoft, has announced a significant reduction in its workforce, with almost 700 employees being let go. The layoffs predominantly affect the engineering department, as well as the finance and human resources groups.
- The layoffs are part of LinkedIn’s efforts to adapt its organizational structure, improve agility, and prioritize key initiatives as it works to achieve its business goals for the fiscal year 2024.
- LinkedIn has been experiencing a slowdown in year-over-year revenue growth for eight consecutive quarters, with just 5% growth in the second quarter. Despite this, the platform has seen consistent growth in membership over the past two years.
- Microsoft had previously announced layoffs of 10,000 employees in January, with additional layoffs following in July. These recent LinkedIn layoffs are in addition to the previous reductions.
- LinkedIn is concurrently increasing its hiring efforts in India, and the company has stated its commitment to supporting the affected employees during this transition with care and respect.
