(CTN News) – Recently, LinkedIn announced that a number of new AI-powered tools would be rolled out across the company as part of its AI initiatives.
Nevertheless, the company is making a different kind of announcement today, focusing on the future: It is laying off 668 employees as part of its restructuring plan.
According to a reliable source, the majority of the layoffs, approximately 563, will be in R&D, affecting a wide range of teams in engineering, product, talent and finance.
As announced this morning, the cuts come five months after LinkedIn announced a 716 job cut, also at the same time that the company announced that it would be phasing out its app in China.
With today’s layoffs, the total number of layoffs at Microsoft-owned LinkedIn now stands at 1,384. As a result, it has been estimated that over 242,000 people have been laid off in the technology sector in 2023, according to the employment tracker Layoffs.fyi.
While we are adapting our LinkedIn organizational 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 company said in an unsigned statement today that the company is making changes to its organizational structure.
There is no doubt that we are committed to providing full support to all affected employees during this period of transition and to ensuring that they are treated with care and respect at all times.”
It was unclear which strategic priorities would be prioritized, but a refocus on hiring more AI talent is likely to be part of the mix.
After being acquired by Microsoft for more than $26 billion in 2016, LinkedIn became significantly less transparent about its finances as well as other operational metrics after being acquired by Microsoft.
According to Microsoft’s July 2023 full-year earnings report, the company boasted more than 950 million members and over $15 billion in revenues, with Talent Solutions being the single biggest contributor at more than $7 billion in revenues for the full-year.
Our goal is to continue using artificial intelligence to ensure our members and customers have access to opportunities and to benefit from the expertise of experts on our platform.
The AI-powered collaborative articles on LinkedIn have now become the fastest-growing traffic driver to the company, the company said at the time.