RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home company news

LinkedIn Layoffs 700 Employees as Revenue Growth Slows

Bolarinwa Mathew by Bolarinwa Mathew
October 17, 2023
in company news, Technology
Reading Time: 2 mins read
A A
0
LinkedIn Layoffs 700 Employees as Revenue Growth Slows
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

LinkedIn, the professional social network owned by Microsoft, confirmed significant staff reductions on Monday, affecting nearly 700 employees. The cuts primarily target LinkedIn’s engineering organization, with some also occurring in the finance and human resources divisions. This news arrives amid an ongoing slowdown in year-over-year revenue growth for LinkedIn over eight consecutive quarters.

In the second quarter of this year, LinkedIn’s revenue grew by just 5%, a notable decline compared to previous periods. While the platform has experienced continuous membership growth over the past two years, revenue growth has not kept pace.

AlsoRead

Google Urges UK Regulator Action Against Microsoft in Cloud Dispute

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

Bolt Expels Over 5,000 Drivers Over Safety Concerns

In an internal memo, LinkedIn executives Mohak Shroff and Tomer Cohen stated, “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.” They emphasized the need to adapt organizational structures to enhance agility, accountability, and operational efficiency, with a focus on reducing layering within the company.

Microsoft had previously announced employee cuts, including 10,000 in January and additional reductions in July, as part of broader efforts to optimize its operations amid slower revenue growth. The most recent layoffs are in addition to the 10,000 jobs cut earlier this year.

The decision to reduce staff comes as LinkedIn reallocates its focus, aiming to streamline decision-making processes while maintaining investments in strategic priorities for the future. The company expressed its commitment to supporting affected employees during this transition, ensuring that they are treated with care and respect.

Notably, while LinkedIn is reducing its workforce in some areas, it is actively increasing hiring efforts in India, according to insider information.

In response to these changes, LinkedIn stated 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.”

The internal memo outlining these changes underscores the challenging nature of the decision but emphasizes the need to align resources with the company’s vision, mission, and values, as well as to support employees through the transition.

LinkedIn is just one of several technology companies reassessing their workforce and strategic priorities as they navigate the evolving business landscape.

 

Tags: #layoffs#MicrosoftBusiness StrategyLinkedInOrganizational Restructuringrevenue growth
Previous Post

Global Economists and Central Bankers Foresee Prolonged High Interest Rates

Next Post

South Africa Poised to Surpass Nigeria as Africa’s Largest Economy

Related News

Google Urges UK Regulator Action Against Microsoft in Cloud Dispute

Google Urges UK Regulator Action Against Microsoft in Cloud Dispute

by Bolarinwa Mathew
December 1, 2023
0

Google has formally called on Britain's antitrust regulator, the Competition and Markets Authority (CMA), to take action against Microsoft, accusing...

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

by Stephen Akudike
December 1, 2023
0

In a recently released Audited Consolidated Financial Statements, Ecobank Group has showcased remarkable growth, reporting a 59% increase in gross...

Bolt Expels Over 5,000 Drivers Over Safety Concerns

Bolt Expels Over 5,000 Drivers Over Safety Concerns

by Bolarinwa Mathew
November 29, 2023
0

In response to directives from the National Transport and Safety Authority (NTSA), ride-hailing giant Bolt has recently taken decisive action,...

Airline Ticket Costs Soar N150,000 Ahead of Christmas as Demand Surges.

Airline Ticket Costs Soar N150,000 Ahead of Christmas as Demand Surges.

by Victoria Attah
November 27, 2023
0

As the festive season approaches, airlines in Nigeria, including Air Peace, Arik Air, and others, have witnessed a substantial surge...

Next Post
South Africa Poised to Surpass Nigeria as Africa’s Largest Economy

South Africa Poised to Surpass Nigeria as Africa's Largest Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Faces Fresh Challenges as It Surpasses N1,160 Against Dollar

Naira Experiences Marginal Decline at Official Market, Intraday High Hits N1,137.

December 1, 2023
NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

December 1, 2023

Popular Story

  • CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

    CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

    0 shares
    Share 0 Tweet 0
  • Standard Chartered Bank Job Opening: Data Analyst

    0 shares
    Share 0 Tweet 0
  • South Africa Adopts Measures to Exit Global Watchdog’s Grey List

    0 shares
    Share 0 Tweet 0
  • Bitcoin Surpasses $38,000 Mark: Here’s Why

    0 shares
    Share 0 Tweet 0
  • NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>