LinkedIn Lays Off 668 More Employees
LinkedIn today announced layoffs that affect 668 employees.
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 round of layoffs follows another from May when the company laid off 716 jobs while shuttering its Chinese-exclusive InCareer app.
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. 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.”
In its FY23Q4 earnings, LinkedIn reported a revenue increase of 5% year-over-year, surpassing $15 billion for the first time this fiscal year, along with its eighth consecutive quarter of membership growth. The Talent Solutions business also topped $7 billion in revenue for the first time in the last year.
Still, layoffs have hit the tech industry hard in the last year, from Google to Meta to Amazon. LinkedIn parent company Microsoft also announced 10,000 job cuts in January. Most blamed overhiring during the COVID-19 pandemic.
Despite the layoffs, LinkedIn has over 100 job postings as of this writing, mostly in customer support, executive positions, and sales.
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