LinkedIn lays off 668 employees in second cut this year (www.reuters.com)
from L4s@lemmy.world to technology@lemmy.world on 17 Oct 2023 10:00
https://lemmy.world/post/6922631

LinkedIn lays off 668 employees in second cut this year::Microsoft’s LinkedIn said on Monday it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals amid slowing revenue growth.

#technology

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autotldr@lemmings.world on 17 Oct 2023 10:00 next collapse

This is the best summary I could come up with:

Oct 16 (Reuters) - Microsoft’s (MSFT.O) LinkedIn said on Monday it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals amid slowing revenue growth.

The cuts, which affect more than 3% of the 20,000-strong staff, add to the tens of thousands of job losses this year in the technology sector in the face of an uncertain economic outlook.

“While we are adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers,” LinkedIn said in a blog on Monday.

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.

Microsoft has cited a slowdown in hiring along with a decline in advertising spending as headwinds for LinkedIn, although it continues to add new members to its community of 950 million.

LinkedIn in May decided to cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions.

The original article contains 253 words, the summary contains 202 words. Saved 20%. I’m a bot and I’m open source!

meepmeep@lemm.ee on 17 Oct 2023 10:35 next collapse

Ironically they can post that they’re open to work on LinkedIn and get hired through there.

Zrybew@lemmy.world on 17 Oct 2023 10:36 next collapse

After growing 5% quarter over year, they layoff 3% of the workforce because greed.

Lightrider@lemmynsfw.com on 17 Oct 2023 10:41 next collapse

Fucking capitalists

gastationsushi@lemmy.world on 17 Oct 2023 11:15 next collapse

The LinkedIn employees on Blind (an anonymous social media site for tech workers) are beyond pissed, no justification for this beyond greed.

PlasmaDistortion@lemm.ee on 17 Oct 2023 11:40 collapse

As they should be. Personally I think this has more to do with a certain $29b tax bill Microsoft just got.

Poem_for_your_sprog@lemmy.world on 17 Oct 2023 13:17 collapse

Didn’t they spend $69B to buy Blizzard?

trolololol@lemmy.world on 17 Oct 2023 18:11 collapse

Companies don’t acquire other companies with cash, it’s an obscure mixture of stocks being exchanged

pmarcilus@discuss.tchncs.de on 17 Oct 2023 12:30 next collapse

While we are adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers

Translation: We are greedy and we are not sorry

Noodle07@lemmy.world on 17 Oct 2023 15:12 collapse

Value? What value?

Rentlar@lemmy.ca on 17 Oct 2023 13:36 next collapse

John Smith, LinkedIn Talent Acquisition Specialist

#OpenToWork

Daisyifyoudo@lemmy.world on 17 Oct 2023 14:29 collapse

Linkedin is cancer

Someonelol@lemmy.ml on 17 Oct 2023 17:55 collapse

It’s Facebook for corporate shills and people who pretend to be one when looking for a job.