LinkedIn, Owned by Microsoft, Announces 668 Job Cuts in 2020
LinkedIn, owned by Microsoft Corp., is set to reduce its workforce by approximately 668 employees in various departments including engineering, product, talent, and finance. This marks the second round of job cuts in 2020, as the hiring platform and corporate social network witness a decline in usage by businesses.
LinkedIn “continues to invest in our strategic priorities for the future and to ensure that we continue to deliver value to our members,” the company said in a blog post on Monday.
We are now on WhatsApp. Click to join.
With fewer workers looking for new jobs and fewer companies hiring, there is less demand for LinkedIn’s services. In May, the social network announced plans to shut down its Chinese jobs app and cut about 716 roles.
Still, LinkedIn has grown under the leadership of Microsoft, which bought the professional network for $26.2 billion in 2016. The company said LinkedIn’s revenue rose 5% in the quarter ended June 30 and forecast growth for the quarter ended Sept. 30 in the “low to mid-single digits.” Microsoft will report company-wide earnings next week.
One more thing! ReturnByte is now on WhatsApp channels! Follow us by clicking on the link so that you never miss any updates from the world of technology. Click here to join now!
