LinkedIn: Microsoft states 668 more jobs to go

The owner of LinkedIn, Microsoft, has announced the elimination of almost 670 positions in a new round of layoffs.

The social media giant claims that positions in its talent, engineering, and finance departments are impacted.

It follows layoffs at other large IT companies and comes after LinkedIn eliminated 716 workers in May.

The company stated in a statement on LinkedIn that “changing our workforce is a challenging, but essential, and frequent part of running our business.”

The most recent layoffs account for roughly 3% of the 20,000 employees that work for the organization.

LinkedIn is used by recruiters worldwide and generates revenue from premium memberships and job ad postings.

950 million people utilize it.

The company is still adding new members, but its hiring has slowed and its advertising budget has decreased.

The company’s sales climbed by 5% year over year in the fourth quarter of 2023, as opposed to 10% in the prior quarter.

Tens of thousands of workers have been laid off by internet giants, such as Amazon, Meta, and Alphabet, the parent company of Google, since late 2022.

Microsoft, the parent company of LinkedIn, announced 10,000 layoffs in January 2023.

All of these businesses, including Microsoft-owned ChatGPT and Google-owned Bard, have made significant investments in AI-powered technology.

According to a recent survey, the US technology sector has declared over 150,000 layoffs this year, more employment cuts than any other sector.

Credits: BBC

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