LinkedInworkforce 668 employees and that the total number of layoffs in the company this year will be approximately will increase it to 1,400 confirmed. The majority of the layoffs, approximately 563 people, will primarily affect research and development (R&D) teams across several departments, including engineering, product, talent and finance.
This announcement comes five months after LinkedIn first announced 716 layoffs, coinciding with its decision to phase out its app in China. The total number of layoffs at Microsoft-owned LinkedIn reached 1,384 this year. According to employment tracker Layoffs.fyi, in the tech sector by 2023 More than 242,000 layoffs happened.
LinkedIn emphasized its commitment to providing support to affected employees during the transition and ensuring they are treated with care and respect. The company hasn’t stated its strategic priorities, but it will likely focus on hiring more AI talent.
Since its acquisition by Microsoft for over $26 billion in 2016, LinkedIn has become less transparent about its financial and operational metrics. In Microsoft’s July 2023 fiscal year earnings report, the company stated that it has more than 950 million members and over $15 billion in revenue. Talent Solutions was the largest contributor, generating over $7 billion in revenue.
LinkedIn emphasized that it continues to use artificial intelligence to connect members and customers with opportunities and leverage the expertise of individuals on its platform. AI-powered collaborative articles have become a major driver of traffic on LinkedIn.