Shiv Telegram Media: LinkedIn Announces Second Round of Layoffs, Eliminating 668 Jobs

Microsoft’s LinkedIn is facing another round of job cuts as the social media platform for professionals continues to experience a slowdown in revenue growth. The company is set to lay off 668 employees across its engineering, talent, and finance teams, affecting over 3% of its 20,000-strong staff.

The tech sector has already seen significant job losses this year, with 141,516 positions cut in the first half of 2023, compared to just 6,000 job cuts in the same period last year. LinkedIn’s decision to reduce its workforce reflects the challenging environment faced by many technology companies.

Despite the layoffs, LinkedIn remains committed to its strategic priorities and delivering value for its members and customers. The platform generates revenue through advertising sales and subscriptions to its recruiting and sales professionals. However, the company’s fourth-quarter revenue growth has slowed, increasing by only 5% year-on-year, compared to 10% in the previous quarter.

Microsoft attributes this slower growth to a decline in hiring and advertising spending, which have affected LinkedIn’s performance. Nonetheless, the platform continues to attract new members, with its community now reaching 950 million users.

This latest round of job cuts follows a previous round in May, where 716 jobs were eliminated across sales, operations, and support teams. These cuts were aimed at streamlining operations and decision-making processes.

As the technology sector continues to face challenges, LinkedIn’s job cuts highlight the need for companies to adapt to changing market conditions. Although the platform remains popular among professionals, it must find new ways to drive revenue and maintain growth in an increasingly competitive landscape.