LinkedIn, owned by Microsoft, announced that approximately 700 employees were laid off. The sector most affected by layoffs is engineering. But in the meantime, the company reported: cnbc, increasing hiring in India. The layoffs come after revenues slowed for eight consecutive quarters. In January, LinkedIn announced that ten thousand employees would be laid off. Then the social network’s weak economic growth of just 5% in the second quarter caused the company to make further cuts.
Platform managers Mohak Shroff and Tomer Cohen talk about “reducing stratification, adapting organizational structures to achieve company goals.” The sector most affected by layoffs is engineering. “There will be 388 redundancies across our engineering team to better align resources with our FY24 plan,” LinkedIn bosses explain in a statement.
It is also rumored that there will be cuts in the financial sectors and the company’s human resources department. “We are committed to providing full support to all of our impacted employees during this transition and ensuring they are treated with care and respect,” Shroff and Cohen’s statement concludes.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
