LinkedIn is cutting nearly 700 jobs, the second layoff of this year.
Debbie Lord, Cox Media Group National Content DeskMicrosoft's LinkedIn plans to lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year.October 16, 2023 at 10:06 am PDT
Microsoft’s LinkedIn plans to lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year,The cuts will affect more than 3% of the workforce of the social media network for professionals. The layoff follows one in May where the company cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions, the company said., LinkedIn’s fourth quarter fiscal year 2023 revenue increased 5% year-on-year compared to 10% in the previous quarter.
LinkedIn sells advertisement on its site and subscriptions to recruiting and sales professionals who use the network to find job candidates.“Talent changes are a difficult, but necessary and regular part of managing our business,”“While we are adapting our organizational structures and streamlining our decision-making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers.
“We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect,” the statement continued.
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