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Microsoft’s LinkedIn said Monday that it will cut 668 jobs on the company’s engineering, product, talent and finance teams.
The layoffs affect more than 3% of LinkedIn’s staff of more than 20,000. The company said it will remain committed to giving full support to impacted employees during the transition.
"Talent changes are a difficult, but necessary and regular part of managing our business," LinkedIn said in a blog post. "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."
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LinkedIn cut 716 jobs, or about 3.6% of total employees, in early May.
The tech sector already cut approximately 141,516 employees in the first half of 2023, up more than 2,300% from the over 5,700 cuts announced in the same period a year ago, according to employment firm Challenger, Gray & Christmas.
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Layoffs in the tech industry this year have impacted nearly every major firm including Google, Amazon, Yahoo, Meta and Zoom.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 178.88 | -2.74 | -1.51% |
| AMZN | AMAZON.COM INC. | 214.10 | +5.19 | +2.48% |
| APO | APOLLO GLOBAL MANAGEMENT | 164.35 | +0.63 | +0.38% |
| META | META PLATFORMS INC. | 580.00 | -4.82 | -0.82% |
| ZM | ZOOM VIDEO COMMUNICATIONS INC. | 85.04 | -1.28 | -1.48% |
LinkedIn, with 950 million registered members, generates revenue via ad sales and subscription fees for recruiting and sales professionals.
Microsoft has acknowledged a hiring slowdown along with a decline in advertising spending.