Microsoft-owned LinkedIn announced on Monday that it would be laying off 668 employees across its engineering, talent, and finance teams. This is the second round of job cuts for the company this year, following a round of 716 layoffs in May.
The layoffs come as the tech sector faces a slowdown in hiring and a decline in advertising spending. LinkedIn makes money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.
The cuts will affect more than 3% of LinkedIn’s 20,000-strong staff, and add to the tens of thousands of job losses in the tech sector this year. According to employment firm Challenger, Gray & Christmas, the tech sector laid off 141,516 employees in the first half of 2023, compared with about 6,000 a year ago.
LinkedIn CEO Ryan Roslansky said in a memo to employees that the layoffs were necessary to “ensure that we are best positioned for long-term growth and success.” He also said that the company was committed to supporting affected employees through the transition.
The layoffs are the latest sign of the economic challenges facing the tech sector. Other tech giants, including Meta, Twitter, and Netflix, have also announced layoffs in recent months.
