LinkedIn, a subsidiary of Microsoft, has rolled out another round of job cuts this year, impacting around 668 employees across different departments, including engineering, product, talent, and finance.
Adapting to strategic priorities while supporting affected employees
In an official statement, LinkedIn expressed its intent to adapt organisational structures and streamline decision-making processes while continuing to focus on strategic priorities for future growth. They assured the provision of comprehensive support for all the affected employees throughout this transition, emphasising a commitment to handling the situation with care and respect.
“While we are adapting our organisational 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,” the statement read. “We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”
Earlier in May, the company had shared its decision to lay off 716 individuals and shut down its job search application in China. This means, by now, LinkedIn has reduced nearly 1,400 positions in 2023 amidst a larger trend of layoffs sweeping across the tech sector. This comes after Microsoft's recent acquisition of Activision Blizzard at a whopping US$68.7 billion, followed by its own layoff of around 10,000 employees during the initial months of 2023.
LinkedIn's performance and upcoming financial disclosure
Despite the layoffs, LinkedIn's financial performance was on a positive trajectory. In the earnings report for April to June released by Microsoft, it was highlighted that LinkedIn saw a five per cent increase in earnings compared to the previous year. The report also mentioned a consistent acceleration in membership growth for eight consecutive quarters, boasting a strong user base of over 950 million members. Microsoft has scheduled the release of financial results for the July to September quarter, marking the first quarter of its fiscal year, on October 24.
