Summary: LinkedIn, the business-oriented social network owned by Microsoft, has announced the layoffs of nearly 700 employees, primarily from the engineering organization. The company has also experienced slowing revenue growth for eight consecutive quarters. In a memo, LinkedIn executives stated the need to adapt organizational structures to improve agility and accountability. These job cuts come after Microsoft announced similar reductions earlier in the year and as the company’s overall revenue growth has declined. LinkedIn plans to increase hiring in India.
LinkedIn, a business-oriented social network owned by Microsoft, has laid off almost 700 employees. The majority of the layoffs came from the engineering organization. The cuts also affected the finance and human resources groups. These reductions come as LinkedIn has experienced slowing revenue growth for eight consecutive quarters, with just a 5% growth in the second quarter. Executives at LinkedIn stated that the company needs to adapt its organizational structures in order to improve agility and accountability, and to drive efficiency and transparency.
These job cuts are in addition to the 10,000 employees that Microsoft announced it was cutting in January. LinkedIn plans to ramp up hiring in India as part of its adjustments. The company also expressed its commitment to supporting impacted employees during the transition.
LinkedIn’s job cuts come as Microsoft’s overall revenue growth has declined, prompting CEO Satya Nadella to reduce costs across the company. In a blog post, LinkedIn stated that while it is streamlining decision making and organizational structures, it will continue to invest in strategic priorities and deliver value to its members and customers. The company is determined to navigate these changes with its vision, mission, and values as guiding principles.
Tags: LinkedIn, Microsoft, job cuts, revenue growth, organizational structures, employee support