Technology
Monday, October 16th, 2023 4:39 pm EDT
Key Points
- LinkedIn, a Microsoft-owned company, is cutting approximately 700 employees, primarily from its engineering department, with additional reductions in the finance and human resources groups. These cuts come as the company’s year-over-year revenue growth has slowed for eight consecutive quarters, growing just 5% in the second quarter.
- The layoffs are part of Microsoft’s cost-cutting measures, which began with the announcement of 10,000 job cuts in January. These new layoffs are in addition to the previous 10,000, reflecting the company’s efforts to lower costs as Microsoft’s overall revenue growth has declined.
- LinkedIn is focusing on streamlining its operations, increasing efficiency, and adapting its organizational structures to improve agility and accountability. Despite the layoffs, the company remains committed to investing in strategic priorities for the future and delivering value to its members and customers. LinkedIn is also ramping up hiring in India as part of its ongoing organizational changes.
LinkedIn, a subsidiary of Microsoft, is cutting nearly 700 employees, primarily from its engineering department, in response to slowing year-over-year revenue growth. The social network for professionals has seen its revenue growth slow for eight consecutive quarters, growing by just 5% in the second quarter. LinkedIn’s membership has been growing steadily, but its revenue has not followed the same trajectory. These layoffs are part of Microsoft’s cost-cutting measures, which included 10,000 job cuts announced in January. The company is now focusing on streamlining its operations and increasing efficiency to achieve its business goals.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/16/microsoft-owned-linkedin-lays-off-nearly-700-read-the-memo-here.html
