Microsoft-Owned LinkedIn Lays Off 668 Workers In 2nd Cut During 2023

The social network company says the jobs affected are across its engineering, talent, and finance teams

Microsoft-Owned LinkedIn Lays Off 668 Workers In 2nd Cut During 2023

Microsoft, which owns LinkedIn, has announced a new wave of layoffs, with about 668 positions expected to be eliminated.

The social network business claims that its engineering, talent, and finance teams are all affected.

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

The company stated in a post on the LinkedIn website that "talent changes are a difficult but necessary and regular part of managing our business."

The most recent layoffs affect around 3% of the 20,000 employees employed by the organization.

Recruiters from all around the world utilize LinkedIn, which is financed by job postings and premium memberships.

About 950 million people use it.

The firm has been affected by a slowdown in recruiting as well as a decrease in advertising spending, even if it is still adding new members.

The company's sales climbed 5% year over year in the fourth quarter of 2023, down from 10% in the third quarter.

Since late 2022, businesses like Amazon, Meta, and Google's parent firm, Alphabet, have laid off tens of thousands of workers in the technological sector.

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

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

According to a recent report from US-based employment firm Challenger, Grey & Christmas, the US IT sector has declared more job cutbacks than any other sector this year, with over 150,000 layoffs.