Microsoft's LinkedIn laying off nearly 700 workers
Jobs in engineering, product talent and finance in jeopardy at LinkedIn
September jobs report proves US is becoming a more socialistic country: Luke Lloyd
Strategic Wealth Partners investment strategist Luke Lloyd argues the Fed is fighting a losing battle against the government's spending addiction on 'Varney & Co.'
Microsoft’s LinkedIn said Monday that it will cut 668 jobs on the company’s engineering, product, talent and finance teams.
The layoffs affect more than 3% of LinkedIn’s staff of more than 20,000. The company said it will remain committed to giving full support to impacted employees during the transition.
"Talent changes are a difficult, but necessary and regular part of managing our business," LinkedIn said in a blog post. "While we are adapting our 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."
AI THREATENS BLUE-COLLAR JOBS, TOO
LinkedIn cut 716 jobs, or about 3.6% of total employees, in early May.
The tech sector already cut approximately 141,516 employees in the first half of 2023, up more than 2,300% from the over 5,700 cuts announced in the same period a year ago, according to employment firm Challenger, Gray & Christmas.
EU OFFICIAL WARNS GOOGLE, YOUTUBE ABOUT HAMAS-ISRAEL DISINFORMATION AND GRAPHIC CONTENT FOR MINORS
Layoffs in the tech industry this year have impacted nearly every major firm including Google, Amazon, Yahoo, Meta and Zoom.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 171.95 | +15.95 | +10.22% |
| AMZN | AMAZON.COM INC. | 179.62 | +5.95 | +3.43% |
| APO | APOLLO GLOBAL MANAGEMENT | 112.25 | +0.39 | +0.35% |
| META | META PLATFORMS INC. | 443.29 | +1.91 | +0.43% |
| ZM | ZOOM VIDEO COMMUNICATIONS INC. | 62.00 | +0.96 | +1.57% |
LinkedIn, with 950 million registered members, generates revenue via ad sales and subscription fees for recruiting and sales professionals.
Microsoft has acknowledged a hiring slowdown along with a decline in advertising spending.