LinkedIn has confirmed a round of layoffs that will impact 668 employees, primarily in the engineering, product, talent, and finance teams. The company stated that these layoffs are a challenging but necessary part of managing their business.
This announcement follows a previous round of layoffs in May, during which LinkedIn cut 716 jobs and closed its exclusive Chinese InCareer app. These actions were taken in light of the company’s 20th anniversary and the anticipation of significant changes in the global economy and labor market, driven by the acceleration of AI technology.
In its FY23 Q4 earnings report, LinkedIn revealed a 5% year-over-year revenue increase, exceeding $15 billion for the first time during the fiscal year. The Talent Solutions business also achieved a milestone by surpassing $7 billion in revenue in the past year, marking its eighth consecutive quarter of membership growth.