In the last 5 years many companies participated in huge layoffs of employees. These layoffs scale from Amazon releasing 180 people from their gaming division, to Spotify letting go of over 1,500 people. Now this ruinous wave of mishap has hit LinkedIn. On October 18th, over 650 employees were unexpectedly laid off at LinkedIn, a business-oriented social networking platform. The company announced workers were laid off throughout the engineering, production, and finance teams as part of a wide-ranging restructuring. The layoffs were due to revenue streams being slower than expected.
LinkedIn already laid off over 700 employees in May. LinkedIn’s CEO, Ryan Ronslansky, sent a letter to employees informing them that they’d be shutting down the ‘Jobs’ App in China due to slow revenue. The closure of the app does not come as a surprise because the Chinese Job Market has been worsening in recent years.
The company says that it has started dedicating more resources to artificial intelligence. For instance, LinkedIn recently announced a program for recruiters that uses A.I. to assist with candidate discovery.
All of this comes after a mass layoff in LinkedIn’s 2022 Technological Sector. Shortly after the layoffs, the company received a large increase in new users and proved that they had “record engagement.”
In LinkedIn’s newest report, it shows they’ve surpassed 15 billion dollars in revenue in 2023. Their membership growth increased for the 8th quarter in a row. In spite of these layoffs; it has been proven overall, the company continues to grow as a financial corporation in total.