LinkedIn Job-cut 2023: In a strategic move, the career network giant LinkedIn, which is owned by tech behemoth Microsoft, has opted to trim its workforce, bidding farewell to approximately 668 employees spanning various departments such as engineering, product development, talent acquisition, and finance. This move represents a 3% reduction in LinkedIn's workforce, with the company officially confirming the layoffs on Monday.
The decision to undertake these staffing changes was not taken lightly, as LinkedIn emphasized in their official statement, "Talent changes are a difficult, but necessary and regular part of managing our business."
These workforce reductions come on the heels of another significant wave of layoffs earlier this year when LinkedIn announced over 700 job cuts in May. Furthermore, LinkedIn's parent company, Microsoft, has also seen thousands of job eliminations throughout the year. Microsoft, the tech giant that acquired LinkedIn for a staggering $26 billion in 2016, has been streamlining its operations.
Despite the layoffs, LinkedIn's business continues to grow. The company reported that its annual revenue surged past the $15 billion mark for the first time in the fiscal year ending in June. Based in Sunnyvale, California, LinkedIn generates revenue from advertising on its platform and subscriptions to premium features.
LinkedIn currently maintains a workforce of around 19,500 employees. Meanwhile, Microsoft, headquartered in Redmond, Washington, boasted a global workforce of 221,000 full-time employees as of July, with over half of them based in the United States.
It is worth noting that Microsoft is in the process of adding thousands more employees due to its recent $69 billion acquisition of the California-based video game giant, Activision Blizzard, which was finalized last Friday. At the close of the previous year, Activision Blizzard had reported a workforce of 13,000 employees.
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