LinkedIn lays off almost 700 employees
LinkedIn, which is owned by Microsoft, will cut almost 700 more employees, according to a memo viewed by CNBC.
The reductions come as the business-oriented social network has seen year-over-year revenue growth slow for eight consecutive quarters. It grew just 5% in the second quarter, even as membership growth has accelerated each quarter for the past two years, Microsoft said in July.
“As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we’ve identified that will have an outsized impact in achieving our business goals,” LinkedIn executives Mohak Shroff and Tomer Cohen wrote in the memo. “This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership and driving improved efficiency and transparency through reduced layering.”
“Microsoft announced in January that it was cutting 10,000 employees, and additional ones following in July. The slimming down comes as Microsoft’s overall revenue growth has slipped, pushing CEO Satya Nadella to lower costs across the company,” reports CNBC.
LinkedIn is now ramping up hiring in India, according to the person familiar with the matter, states CNBC.
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