LinkedIn is cutting more than 650 jobs
By Ramishah Maruf, CNN
New York (CNN) — LinkedIn is laying off 668 people across its engineering, product, talent and finance teams as part of a broader restructuring, the social media platform announced Monday.
In a blog post, the social media site for professionals said it is making changes to its organizational structure and streamlining its decision making.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said. Microsoft bought LinkedIn in 2016.
The company is dedicating many of its resources toward artificial intelligence. Recently, LinkedIn announced an AI-assisted candidate discovery for recruiters using the site. And in Microsoft’s most recent earnings report, LinkedIn reported its AI-powered collaborative articles are the fastest-growing traffic driver on the site.
LinkedIn already cut 716 positions in May and shut down its jobs app in mainland China. That decision was made amid shifts in customer behavior and slower revenue growth, CEO Ryan Roslansky said in a letter to employees.
In the wake of mass layoffs across the tech sector at the end of last year, LinkedIn enjoyed an uptick in users and “record engagement” among its 875 million members at the time, Microsoft CEO Satya Nadella told analysts in last October’s earnings call.
The company continues to grow financially. LinkedIn also announced in its most recent earnings report that it surpassed $15 billion in revenue for the first time during this fiscal year, and that its membership growth “accelerated” for the eighth quarter in a row.
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CNN’s Laura He and Clare Duffy contributed to this report.
