LinkedIn cuts more than 600 workers, about 3% of workforce

LinkedIn said Monday it is laying off hundreds of workers

October 17, 2023 10:00 am | Updated 10:00 am IST - SUNNYVALE

LinkedIn reports having about 19,500 employees [File]

LinkedIn reports having about 19,500 employees [File] | Photo Credit: REUTERS

LinkedIn said Monday it is laying off hundreds of employees, amounting to about 3% of the social media company's workforce.

The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams.

“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement.

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.

(For top technology news of the day, subscribe to our tech newsletter Today’s Cache)

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.

Redmond, Washington-based Microsoft as of July had a global workforce of 221,000 full-time employees, with more than half of those in the U.S.

It is adding thousands more as part of its $69 billion acquisition of California video game-maker Activision Blizzard, which closed Friday. As of late last year, Activision Blizzard reported having 13,000 employees.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.