In a statement released on Monday, the Microsoft-owned social media site LinkedIn announced the layoffs of close to 700 staff members.
The engineering, product, talent, and finance sections of the corporation will each lose about 668 jobs. The company had announced in May that it would be cutting off 716 workers.
According to LinkedIn, the corporation is restructuring and “streamlining our decision-making.”
“We are committed to giving our full support to all those affected during this transition & ensuring that they are handled with care and respect,” stated LinkedIn.
LinkedIn reported its sales climbed 5% year over year and crossed $15 billion for the first time in its most recent quarterly report, which was published in July. Additionally, website membership increased during the previous eight quarters, reaching over 950 million accounts.
LinkedIn stated in its May layoff announcement that it has been “seeing shifts in customer behavior & slower revenue growth” despite growth in revenue and users.
Microsoft said in January that it will be firing 10,000 workers to reduce costs.
At the time, Microsoft CEO Satya Nadella stated the company is “seeing organizations in every industry & geography exercise caution as certain areas of the world are in a recession while other parts are anticipating one.”
There have been widespread layoffs in the tech sector, particularly at Meta, Google, and Amazon.