LinkedIn, the professional networking platform owned by Microsoft, has confirmed that it will be cutting an additional 668 jobs. This brings the total number of job cuts for the company to nearly 1,400 this year alone. The majority of the layoffs, approximately 563, will affect teams in research and development, impacting various departments including engineering, product, talent, and finance.
Key Takeaway
LinkedIn confirms a further 668 job cuts, bringing the total number of layoffs this year to nearly 1,400. The majority of the layoffs will be in the research and development department. The company aims to invest in strategic priorities, including hiring more AI talent.
This latest round of job cuts comes just five months after LinkedIn announced 716 job cuts, coinciding with the decision to phase out its app in China. The total number of layoffs in the technology sector in 2023 has now surpassed 242,000, according to employment tracker Layoffs.fyi.
LinkedIn’s Future Strategy
The company has stated that it is adapting its organizational structure and decision-making processes while continuing to invest in strategic priorities for the future. Although the company has not specified these priorities, it is likely that a refocus on hiring more AI talent will be part of the plan.
Since Microsoft’s acquisition of LinkedIn for over $26 billion in 2016, the company has become less transparent in terms of its finances and operational metrics. In Microsoft’s full-fiscal-year earnings report for July 2023, LinkedIn reported more than 950 million members and over $15 billion in revenues. Talent Solutions, the platform’s largest contributor, brought in over $7 billion.
LinkedIn has been leveraging AI to enhance user experiences and improve connections. AI-powered collaborative articles have become the fastest-growing traffic driver to the platform, helping members and customers connect with opportunities and tap into the expertise of industry professionals.
