Microsoft’s LinkedIn announced on Monday that it will be laying off 668 employees in its engineering, talent, and finance teams. This is the second round of job cuts this year for the social media network for professionals as demand for hiring services slows down.
The layoffs will affect over 3% of LinkedIn’s staff, which currently stands at 20,000 employees. The technology sector has experienced significant job losses this year due to an uncertain economic outlook, with layoffs totaling 141,516 during the first half of the year, compared to 6,000 in the previous year, according to employment firm Challenger, Gray & Christmas.
LinkedIn generates revenue through ad sales and charges for subscriptions to recruiting and sales professionals who utilize the network to find suitable job candidates.
In May, the social media network made the decision to cut 716 jobs across sales, operations, and support teams. The purpose of these layoffs was to streamline operations and remove unnecessary layers, enabling quicker decision-making processes.
(This story has been refiled to add the dropped word ‘off’ in the headline)
Additional reporting by Yuvraj Malik and Aditya Soni in Bengaluru; Editing by Arun Koyyur
