What you need to know
- LinkedIn just laid off 668 roles across its engineering, product, talent and finance teams.
- The cuts were made as part of the company “adapting [its] organizational structures and streamlining [its] decision making.”
- LinkedIn laid off over 700 employees earlier this year in May.
LinkedIn announced that it will lay off 668 employees today. The move was announced in a news post by the company that explained the layoffs were part of the company adapting its organizational structures and streamlining its decision making.
“Talent changes are a difficult, but necessary and regular part of managing our business. The changes we shared with our team today will result in a reduction of approximately 668 roles across our engineering, product, talent and finance teams.
While we are adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers. We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”
This isn’t the first significant set of layoffs this year for LinkedIn. Back in May, the company laid off over 700 people. Those cuts were also made for organizational reasons, as well as in an effort to improve “agility and growth.”
Microsoft, which owns LinkedIn, announced that it would cut 10,00 jobs earlier this year.
While LinkedIn will have soon laid off over 1,000 employees this year, the company is doing well financially. LinkedIn’s revenue was over $15 billion in the most recent fiscal year. That was the first year that the company’s revenue was over $15 billion but LinkedIn brought in over $10 billion annually back in 2021 and the preceding two years.
Layoffs are unfortunate for those affected those that depend on those individuals financially, but they are common in the business world.