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Microsoft subsidiary LinkedIn announced its second round of layoffs for the year on Monday. The layoffs will impact 668 workers across multiple areas, including engineering, talent, and finance.
These layoffs coincide with a halt in revenue growth for the professional social media network. These affect just over 3% of LinkedIn’s 20,000 workers, which adds to the larger pattern of employment losses in the technology industry as a result of unstable economic conditions.
LinkedIn stated the following in a blog post on Monday:
We are continuing to invest in strategic priorities for the future and making sure we continue to provide value for our members and consumers even as we are restructuring our organizational structures and expediting our decision-making process.
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Compared to the roughly 6,000 job cuts that were reported just a year ago, the tech industry saw a notable surge in layoffs in the first half of the year, with 141,516 employees losing their jobs overall, according to the employment company Challenger, Gray & Christmas.
LinkedIn’s main sources of income are advertising sales and subscriptions; the company caters to sales and recruiting professionals who use the network to find suitable job prospects.
Compared to the 10% rise attained in the previous quarter, LinkedIn’s revenue increased by 5% year over year in the fourth quarter of its fiscal year 2023.
Microsoft has noted that although LinkedIn’s user base continues to grow—it currently has 950 million members—the company is facing issues due to a slowdown in recruiting and a decrease in advertising spending.
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