LinkedIn cuts 668 jobs in second redundancy round as ‘tech wreck’ worsens
It’s the second round of job cuts this year, with another 716 roles axed in May during a horror period for staff members.
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Networking platform LinkedIn has just laid off nearly 700 people in a second redundancy round this year.
Earlier on Tuesday, LinkedIn, which is owned by Microsoft, announced in a blog post that 668 staff across its engineering, talent and finance teams were getting the chop.
The social app blamed sluggish revenue growth on the tough decision.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the firm wrote in a brief announcement.
In May, LinkedIn axed 716 jobs while there are also reports of a reduction in hiring, amid an advertising slowdown.
It comes as tens of thousands of companies have let go of staff amid the “tech wreck” sweeping across the world.
“While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers,” the blog post continued.
“We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”
It is unclear where LinkedIn’s job cuts are taking place. A LinkedIn spokesperson would not confirm to news.com.au if Australians were set to lose their jobs.
LinkedIn has 36 offices across the world, including in Sydney and Melbourne, and a total of 19,500 employees.
The business is still growing, but by less than before the economic downturn.
In the fourth quarter of 2023, the firm’s revenue increased by 5 per cent year-on-year, but that was down from 10 per cent in the previous quarter.
In January this year, LinkedIn’s parent company Microsoft announced 10,000 redundancies.
A number of other massive tech players like Amazon, Meta and Google have also brutally cut staff to claw back profit margins.
A number of Australian businesses have also been impacted by changes to the tech industry as tough market conditions bite.
Last week, news.com.au reported that tech firm D365 Group, which has offices in Sydney and Melbourne, had appointed liquidators.
In March, Aussie software development company Atlassian cut 500 jobs.
Another software development company, Kinde, laid off 28.5 per cent of staff in February and that same month, comparison website Finder.com.au laid off or restructured 15 per cent of its workforce.
An Australian social media start-up called Linktree that was recently valued at $1.78 billion sacked 17 per cent of staff from its global operations.
One Aussie tech worker has been laid off not once but twice so far this year.
Originally published as LinkedIn cuts 668 jobs in second redundancy round as ‘tech wreck’ worsens
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