LinkedIn is set to lay off over 660 employees from various departments, including engineering, product, talent, and finance. This announcement comes as part of LinkedIn’s ongoing efforts to streamline its operations and optimize artificial intelligence, cutting more than 3% of the company’s global workforce.
Why it matters: LinkedIn has already experienced significant workforce reductions this year. In May, the company eliminated 716 positions and closed its app, InCareer. These latest cuts are being made in conjunction with a broader restructuring of the firm’s Global Business Organization.
- LinkedIn recently introduced a range of AI-based product features. These included AI-assisted candidate discovery for recruiters and AI-powered coaching for LinkedIn’s premium subscribers.
- In response to the layoffs, LinkedIn issued a statement emphasizing that “talent changes are a difficult, but necessary and regular part of managing our business.” The company also expressed its commitment to supporting the affected employees throughout this transition.
- LinkedIn remains one of the oldest and most enduring social networking sites. Microsoft’s acquisition of LinkedIn in 2016 for $26.2 billion marked one of the tech giant’s most significant investments. In the last fiscal year, LinkedIn’s annual revenue exceeded $15 billion, reflecting its enduring financial success. With a consistently growing user base for the past two years, LinkedIn now boasts 950 million users across more than 200 countries and territories worldwide.
Go Deeper —> LinkedIn to lay off hundreds of people amid broader restructuring – Axios
