- Microsoft’s LinkedIn layoffs
- Impact on tech sector
- AI investments continue
Microsoft, the proprietor of LinkedIn, has now announced a new round of layoffs, eliminating approximately 670 positions.
The social network company reports that its engineering, talent, and finance departments are impacted.
It follows 716 layoffs at LinkedIn in May and reductions at other major technology companies.
Talent changes are a challenging, yet essential, and routine component of business management,” the organization stated in a LinkedIn post.
The most recent layoffs account for approximately 3 percent of the organization’s 20,000-person staff.
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Recruiters worldwide utilize LinkedIn, which generates revenue via employment ad listings and premium subscriptions.
There are roughly 950 million users.
The organization has experienced a decline in advertising expenditures and a slowdown in employment, despite the fact that it continues to acquire new members.
Annual revenue growth for the company slowed to 5% in the fourth quarter of 2023, from 10% in the preceding quarter.
Since late 2022, Amazon, Meta, and Alphabet, Google’s parent corporation, have laid off tens of thousands of IT workers.
The Prosperous Parent Company of LinkedIn, Microsoft, declared 10,000 redundancies in January 2023.
All of these organizations, including Bard (owned by Google) and ChatGPT (supported by Microsoft), have made substantial investments in AI-powered technology.
Recent data from the employment consultancy Challenger, Grey & Christmas in the United States indicates that the technology sector has announced more redundancies than any other industry this year, in excess of 150,000.
