Microsoft’s LinkedIn announced on Monday that it will be laying off 668 employees in its engineering, talent, and finance teams. This comes as the second round of job cuts for the professional social media network, as the demand for hiring services slows down.
With this round of layoffs, more than 3% of LinkedIn’s 20,000-strong staff will be affected. These job losses add to the tens of thousands of layoffs that have occurred in the technology sector this year, reflecting an uncertain economic outlook.
According to employment firm Challenger, Gray & Christmas, the technology sector has seen a total of 141,516 layoffs in the first half of this year, compared to approximately 6,000 layoffs in the same period last year.
LinkedIn primarily generates revenue through ad sales and subscriptions to its recruiting and sales professional services. These professionals utilize the platform to find suitable job candidates.
In the fourth quarter of its fiscal 2023 year, LinkedIn’s revenue experienced a 5% year-on-year increase, compared to a 10% increase in the previous quarter.
Follow Google NewsDenial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
