Professional networking platform, LinkedIn, has initiated its second wave of layoffs for the year, impacting almost 700 employees. The job cuts will extend across various departments, including engineering, talent, and finance, affecting a total of 668 individuals.
According to a Business Insider report, over the weekend, certain LinkedIn staff members observed an ‘mysterious list’ containing the names of approximately 500 employees.
Employees reportedly came across the mentioned list over the weekend, and within a couple of hours, they became aware of the company’s layoffs.
Meanwhile, in an email sent to employees on Monday morning, LinkedIn said it was reorganising to ‘improve agility and accountability.’
The cuts, which affect more than 3% of the 20,000-strong staff, add to the tens of thousands of job losses this year in the technology sector in the face of an uncertain economic outlook.
Difficult decision
In a press release, LinkedIn called talent changes a “difficult but necessary” part of managing a business.
“While we are adapting our organisational 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,” the company said.
LinkedIn is going to ramp up hiring in India, a person familiar with the development told CNBC.
The job cuts follow another more than 700 layoffs LinkedIn announced in May, as well as thousands more this year from parent company Microsoft, which has owned the professional-networking service since buying it for $26 billion in 2016.
According to a report by news agency AP, LinkedIn keeps growing and said its annual revenue surpassed $15 billion for the first time in the fiscal year that ended in June. The service, headquartered in Sunnyvale, California, makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.
LinkedIn reports having about 19,500 employees.
Comments
0 comment