Microsoft's social networking subsidiary, LinkedIn, is reducing its workforce by approximately 3 percent, entailing the removal of over 600 jobs from different teams. Most of these layoffs affect the engineering, product, talent, and finance divisions, as highlighted by NBC Bay Area.
Making the cuts was labeled as a "difficult and routinely unavoidable part of managing our business" by LinkedIn in an official statement. The organization promises full support and consideration for the staff members implicated in this shift.
This workforce shrinkage follows a similar May downsizing that led to 700 more workers' unemployment. Despite these retrenchments throughout 2023, LinkedIn reports an upward growth trend with its annual income exceeding $15 billion for the first in the previous fiscal term ending in June. The revenue is primarily driven by ads on the platform and premium account subscriptions. LinkedIn is headquartered in Sunnyvale, California.
LinkedIn's current tally of employees stands roughly at 19,500 compared to the parent company's 221,000 full-time workers mostly based in the United States. Moving swiftly toward expansion, Microsoft has been on an employee hiring spree after successfully acquiring Activision Blizzard, a California-based video game developer, last week for $69 billion. Activision Blizzard reported a workforce of 13,000 late last year, as per the details shared by NBC Bay Area.
