Microsoft-owned LinkedIn cuts 668 jobs in second round of layoffs this year

Microsoft’s LinkedIn is cutting about 668 roles across its engineering, product, talent and finance teams. These are the second such cuts this year as fewer companies use the hiring platform and corporate social network.

LinkedIn is “continuing to invest in strategic priorities for our future and to ensure we continue to deliver value to our members”, the company said in a blog post Monday.

As fewer employees look for new jobs and fewer companies hire, LinkedIn is facing less demand for its services. In May, the social network said it planned to shutter its Chinese jobs app and cut about 716 roles.

LinkedIn has a significant presence in Ireland, where its European headquarters is based and it employs about 2,000 staff. Last year, LinkedIn said it would seek to sublet office space it had leased for expansion in Dublin, amid the move to more working from home generally after the pandemic.

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Still, LinkedIn has grown under Microsoft, which acquired the professional network for $26.2 billion in 2016. The company said revenue from LinkedIn rose 5 per cent in the quarter ending June 30th, and forecast growth for the quarter ending September 30th in the “low-to-mid single digits.”

Microsoft reports earnings for the whole company next week. - Bloomberg