LinkedIn Lays Off , Over 600 Employees.
On Oct. 16, LinkedIn announced that it
will lay off another 668 workers.
The company had another round of job cuts earlier this year as well, Reuters reports. .
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, LinkedIn, via blog post.
In Q4 2023, LinkedIn's revenue rose 5%
compared to the same time last year.
It rose 10% compared to Q3 2023.
Microsoft, which owns LinkedIn, cited reduced
advertising spending and hiring slowdowns
as headwinds for the company.
The site has 950 million members
and continues to gain subscriptions.
The current cuts will affect over 3%
of LinkedIn's staff across "engineering,
talent and finance teams," Reuters reports. .
Employment firm Challenger, Gray & Christmas
reports that 141,516 employees were laid off in
the tech sector in the first half of 2023.
Only about 6,000 were let go
a year ago, Reuters reports.