LinkedIn to cut 668 jobs as revenue growth slows
Microsoft-owned LinkedIn on Monday announced that it will cut about 668 jobs across the company's engineering, product, talent and finance teams.
IANS
Oct 16, 2023 10:49
0
San Francisco, Oct 16 (IANS) Microsoft-owned LinkedIn on Monday announced that it will cut about 668 jobs across the company's engineering, product, talent and finance teams.
"The changes we shared with our team today will result in a reduction of approximately 668 roles across our engineering, product, talent and finance teams," LinkedIn said in a blogpost.
The cut comes as the business-oriented social network has experienced slow revenue growth for eight consecutive quarters, CNBC reported.
It grew by just 5 per cent in the second quarter, despite accelerating membership growth for the past two years, Microsoft said in July.
According to the report, LinkedIn is now ramping up hiring in India.
"While we are adapting our organisational 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," LinkedIn stated.
In May, LinkedIn laid off 716 employees, as the company makes changes to its Global Business Organisation (GBO), along with shutting down its InCareer app in China.
The company's CEO Ryan Roslansky said in an email to employees that the move was aimed at streamlining the company's operations.
"As we guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization (GBO) and our China strategy that will result in a reduction of roles for 716 employees," he wrote.
