Following two earlier layoff rounds that occurred this year, Bay Area-based LinkedIn announced Monday that it is slashing 668 more jobs, or 3% of its workforce.
The Microsoft-owned social network focused on careers and networking is cutting roles in its engineering, product, talent, and finance teams, and it's not clear how many of those will be in the San Francisco office. The company's main headquarters is in Sunnyvale.
“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement.
This round of layoffs follows another that occurred in May, in which LinkedIn slashed over 700 jobs, and one in July that saw another 200 job cuts.
The company has around 19,000 employees, and was acquired by Microsoft in 2016 in a $26 billion deal.
"We did not expect to share this important update with you all in the midst of such challenging times, but in the spirit of creating clarity, Tomer and I wanted to share some news regarding changes we are making to our orgs,” LinkedIn executives Mohak Shroff and Tomer Cohen wrote in an internal memo obtained by CNBC. "As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we’ve identified that will have an outsized impact in achieving our business goals. This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership and driving improved efficiency and transparency through reduced layering."
The layoffs at LinkedIn are in addition to 10,000 layoffs that parent company Microsoft announced in January.
LinkedIn, meanwhile, continues to grow, and it recently reported that its annual revenue surpassed $15 billion for the first time in the fiscal year that ended in June.
Photo: Gabriel Varaljay