Microsoft’s LinkedIn plans to lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year, Reuters reported.
The cuts will affect more than 3% of the workforce of the social media network for professionals.
The layoff follows one in May where the company cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions, the company said.
According to Forbes, LinkedIn’s fourth quarter fiscal year 2023 revenue increased 5% year-on-year compared to 10% in the previous quarter.
LinkedIn sells advertisement on its site and subscriptions to recruiting and sales professionals who use the network to find job candidates.
Microsoft has cited a slowdown in hiring in many sectors as one of the factors challenging LinkedIn.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said of the layoff in a statement.
“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.”
“We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect,” the statement continued.
LinkedIn’s annual revenue surpassed $15 billion for the first time during its last fiscal year from July 1, 2022 to June 30, 2023, according to Axios.
