AFP
LinkedIn is cutting hundreds of jobs in its engineering, product, talent and finance teams. It’s the second time the company has announced layoffs this year.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the social media network for the business community said in a statement posted on its website Monday. “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.”
The Microsoft-owned company said it will still continue to invest in “strategic priorities for our future,” without detailing the investment plan.
In the last quarter, LinkedIn’s sales grew 7%. The social network’s main sources of revenue are ad sales and subscriptions. Engagement with the network increased 12% to a record level, Microsoft said in its earnings statement on July 25.
In May, LinkedIn had already announced 716 job cuts. That came after Microsoft said in January that it would reduce its workforce by 10,000.
