Microsoft’s LinkedIn announced on Monday that it would lay off 668 workers from its engineering, talent, and finance teams in the second round of job layoffs this year.
The job losses, which affect more than 3% of the 20,000-person workforce, are in addition to the tens of thousands of jobs lost in the IT sector this year due to an unreliable forecast for the economy.
“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,” LinkedIn said in a blog on Monday.
LinkedIn generates revenue through ads charging sales and recruiting professionals who use the network to discover qualified job applicants a subscription fee.
LinkedIn’s revenue climbed 5% year over year in the fourth quarter of its fiscal 2023 year as opposed to 10% in the third.
In order to streamline its processes and remove layers to facilitate quicker decision-making, LinkedIn decided in May to eliminate 716 employees across its sales, operations, and support departments.
