Summary: LinkedIn, the social media company owned by Microsoft, is cutting about 3% of its workforce, amounting to about 668 employees. This comes after a previous round of layoffs in May and reflects the regular talent management strategy of the company.
LinkedIn, the social media company owned by Microsoft, has announced that it will be reducing its workforce by approximately 3%. This translates to about 668 employees who will be affected across various departments, including engineering, product, talent, and finance teams. In a statement, LinkedIn acknowledged that talent changes are a necessary part of managing their business.
The decision to downsize follows a previous round of layoffs in May, where more than 700 positions were cut. Additionally, Microsoft, the parent company of LinkedIn, has also seen thousands of job cuts this year. Microsoft acquired LinkedIn in 2016 for $26 billion.
Despite the workforce reduction, LinkedIn has reported consistent growth. In fact, the company achieved its highest annual revenue of over $15 billion for the fiscal year that ended in June. LinkedIn generates revenue through advertisements on the platform and user subscriptions for premium features. The company is headquartered in Sunnyvale, California and currently employs approximately 19,500 individuals.
In contrast, Microsoft has a global workforce of 221,000 full-time employees, with more than half of them based in the United States. Microsoft recently completed its acquisition of Activision Blizzard, a California-based video game-maker, for $69 billion. This acquisition is expected to add thousands of additional employees to Microsoft’s workforce.
Tags: LinkedIn, workforce reduction, Microsoft, layoffs, social media, business