Microsoft, the owner of LinkedIn, has announced a new round of employment cuts, affecting approximately 670 positions.
According to the social network company, the affected positions span its engineering, talent, and finance departments.
It follows LinkedIn’s May elimination of 716 positions and reductions at other large technology companies.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the company wrote on LinkedIn.
The most recent layoffs represent approximately 3 percent of the company’s 20,000-person workforce.
LinkedIn generates revenue through job postings and premium subscriptions and is utilized by recruiters worldwide.
There are roughly 950 million users.
The company has been impacted by a slowdown in hiring and a decline in advertising expenditure, but it continues to sign up new members.
The firm’s revenue increased by 5% year-over-year in the fourth quarter of 2023, down from 10% in the previous quarter.
There have been tens of thousands of redundancies in the technology sector by companies such as Amazon, Meta, and Alphabet, the parent company of Google, since late 2022.
In January 2023, Microsoft, the parent company of LinkedIn, announced 10,000 layoffs.
All of these companies have made substantial investments in AI-powered technologies, such as Microsoft-backed ChatGPT and Google-owned Bard.
According to a recent report by the US employment consulting firm Challenger, Gray & Christmas, the US technology industry has announced more redundancies than any other sector this year, with over 150,000 job losses.
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