this post was submitted on 17 Oct 2023
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This is the best summary I could come up with:
Oct 16 (Reuters) - Microsoft's (MSFT.O) LinkedIn said on Monday it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals amid slowing revenue growth.
The cuts, which affect more than 3% of the 20,000-strong staff, add to the tens of thousands of job losses this year in the technology sector in the face of an uncertain economic outlook.
"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," LinkedIn said in a blog on Monday.
LinkedIn makes money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.
Microsoft has cited a slowdown in hiring along with a decline in advertising spending as headwinds for LinkedIn, although it continues to add new members to its community of 950 million.
LinkedIn in May decided to cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions.
The original article contains 253 words, the summary contains 202 words. Saved 20%. I'm a bot and I'm open source!