LinkedIn, the social media company owned by Microsoft, has confirmed that it is reducing its workforce by approximately 3%, which amounts to the elimination of around 668 positions. This reduction in personnel is spread across various departments, including engineering, product development, talent acquisition, and finance. The company stated that these changes are challenging but essential for effective business management.
This round of job cuts follows a previous announcement by LinkedIn in May, where they revealed more than 700 layoffs. It’s worth noting that Microsoft, LinkedIn’s parent company, has also undergone substantial job reductions this year. Microsoft acquired LinkedIn in 2016 for $26 billion, and despite the layoffs, LinkedIn has continued to grow, reporting annual revenue exceeding $15 billion for the first time in the fiscal year ending in June.
LinkedIn, headquartered in Sunnyvale, California, generates revenue from both advertising on its platform and premium subscriptions from users. The company reports a total employee count of approximately 19,500. Meanwhile, Microsoft, based in Redmond, Washington, had over 221,000 full-time employees worldwide as of July, with more than half of them in the United States. Additionally, Microsoft is in the process of adding thousands more employees as part of its $69 billion acquisition of California-based video game maker Activision Blizzard, which was finalized recently. Activision Blizzard had reported having 13,000 employees as of late last year.
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