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LinkedIn cuts more than 650 employees
https://www.whatjobs.com/news/usa/us-employment-news/linkedin-cuts-more-than-650-employees
By Nithya Bose in US business news, posted October 17, 2023
LinkedIn has announced plans to axe 668 positions in its second round of layoffs this year.
The slightly more than 3 percent cuts will hit its product, talent, and finance departments, with engineering teams most affected.
This is part of a broader restructuring effort to refine the organization's decision-making processes and enhance its operational efficiency.
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The professional social media platform is shifting its focus towards artificial intelligence.
It has recently introduced an AI-assisted candidate discovery feature for recruiters.
Moreover, the platform's AI-powered collaborative articles have significantly driven increased traffic on the site.
The company underwent a previous workforce reduction, which saw 716 positions eliminated as well as the closure of its jobs app in mainland China.
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These moves were made in response to changing customer behavior and a revenue growth slowdown, CEO Ryan Roslansky said in a letter to staff.
However LinkedIn continues to report financial growth.
In its most recent earnings report it disclosed a significant milestone by exceeding $15 billion in revenue for the first time during the fiscal year.
Furthermore, LinkedIn's membership has been steadily growing, marking the eighth consecutive quarter of accelerating membership growth.
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