Oct 17, 2023 10:41:00

LinkedIn announces layoffs of 668 employees

The operator of LinkedIn, a business-specific SNS that allows people to share their work history and skills and interact with other companies, has announced that it has laid off 688 employees.

October 2023 Update

https://news.linkedin.com/2023/october/october-2023-update

LinkedIn lays off nearly 700 employees — read the memo here

https://www.cnbc.com/2023/10/16/microsoft-owned-linkedin-lays-off-nearly-700-read-the-memo-here.html

LinkedIn confirms it will cut a further 668 jobs, bringing the total to nearly 1,400 this year | TechCrunch
https://techcrunch.com/2023/10/16/linkedin-layoffs-2/

'While changes are difficult, they are a necessary and routine part of managing our business,' LinkedIn said, laying off approximately 668 people across its engineering, product, human resources, and finance teams. I revealed that.

This is the second time in 2023 that LinkedIn has announced layoffs. Last time , we know that 716 employees were laid off, and some teams were discontinued or merged.

LinkedIn, which launched its service in 2003, was

acquired by Microsoft in 2016 for $26.2 billion (approximately 2.8 trillion yen at the time), and the transparency of its financial and other management indicators has significantly declined. The company's revenue growth rate has slowed for eight straight quarters, despite Microsoft's full-year earnings report released in July 2023 showing an increase in membership every quarter for the past two years. , sales growth in the second quarter of 2023 increased by only 5%.

'We are transforming our organizational structure and streamlining decision-making, while continuing to invest in our strategic priorities for the future so we can continue to deliver value to our members and customers,' LinkedIn said. We will fully support all affected employees during the layoff and are committed to ensuring that they are treated with consideration and respect.'

According to a report from CNBC, LinkedIn is ramping up hiring in India.

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