LinkedIn says it will lay off about 3% of its workforce as the company optimizes around artificial intelligence.
LinkedIn announced it will lay off hundreds of workers amounting to about 3% of the social media company’s workforce. The jobs are being eliminated as part of the company's broader efforts to optimize around artificial intelligence.SUNNYVALE, Calif. — Microsoft-owned LinkedIn announced Monday it will lay off hundreds of workers amounting to about 3% of the social media company’s workforce.
The cuts will affect 688 roles across its engineering, product, talent and finance teams. The job cuts follow more than 700 layoffs LinkedIn announced in May, as well asLinkedIn, headquartered in Sunnyvale makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.
The company continues to grow, with annual revenue surpassing $15 billion for the first time in the fiscal year that ended in June.. It grew just 5% in the second quarter, even as membership growth has accelerated each quarter for the past two years, Microsoft “As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we’ve identified that will have an outsized impact in achieving our business goals,” LinkedIn executives Mohak Shroff and Tomer Cohen wrote inCNBC reported. “This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership and driving improved efficiency and transparency through reduced layering.
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