LinkedIn Lays Off 668 More Employees – LinkedIn announced layoffs which affect 668 employees, according to report from the company. The layoffs will impact the engineering, product, talent, and finance teams. “Talent changes are a difficult, but necessary and regular part of managing our business,” the company says.
This recent round of workforce reductions comes on the heels of a previous layoff in May when the company eliminated 716 positions and discontinued its exclusive InCareer app for the Chinese market. That coincided with the company’s 20th anniversary; at the time it said “we are entering a new decade for LinkedIn, one that will perhaps be the most consequential we’ve experienced to date.”
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“AI is just beginning to accelerate changes in the global economy and labor market, and LinkedIn is more essential than ever to help our members and customers navigate the changes to access economic opportunity.” LinkedIn’s FY23 Q4 earnings revealed a remarkable achievement as the company reported a 5% year-over-year increase in revenue, crossing the $15 billion milestone for the first time in the fiscal year.
Additionally, the company celebrated its eighth consecutive quarter of membership growth, and its Talent Solutions business achieved a historic milestone by surpassing $7 billion in revenue for the first time in the past year. Nonetheless, the tech industry experienced significant layoffs over the past year, affecting major players like Google, Meta, and Amazon.
Microsoft, the parent company of LinkedIn, also made headlines with its announcement of 10,000 job cuts in January, largely attributed to the consequences of overhiring during the COVID-19 pandemic. In spite of the layoffs, LinkedIn currently has more than 100 job openings available, primarily in the fields of customer support, executive roles, and sales positions.