Microsoft's LinkedIn laying off nearly 700 workers
Microsoft’s LinkedIn said Monday that it will cut 668 jobs on the company’s engineering, product, talent and finance teams.
The layoffs affect more than 3% of LinkedIn’s staff of more than 20,000. The company said it will remain committed to giving full support to impacted employees during the transition.
"Talent changes are a difficult, but necessary and regular part of managing our business," LinkedIn said in a blog post. "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."
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LinkedIn cut 716 jobs, or about 3.6% of total employees, in early May.
The tech sector already cut approximately 141,516 employees in the first half of 2023, up more than 2,300% from the over 5,700 cuts announced in the same period a year ago, according to employment firm Challenger, Gray & Christmas.
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Layoffs in the tech industry this year have impacted nearly every major firm including Google, Amazon, Yahoo, Meta and Zoom.
LinkedIn, with 950 million registered members, generates revenue via ad sales and subscription fees for recruiting and sales professionals.
Microsoft has acknowledged a hiring slowdown along with a decline in advertising spending.