The job search platform Linkedin, owned by Microsoft, announced this Monday that it will lay off 668 workers in the engineering, product, talent and finance departments. “We are committed to fully supporting affected employees during this transition and ensuring that they are treated with respect,” the social network said in a statement.
This is the second round of layoffs announced by the company this year. In May it said it would cut 716 jobs to restructure its global business organization. It also announced the closure of its local employment application in China, InCareer.
According to Microsoft, Linkedin revenue increased 5% in the second quarter. The company had forecast revenue growth for the third quarter of below 5%. Market sources suggest that the slowdown in the economy is causing fewer employees to look for new jobs and fewer companies to hire, which is why Linkedin has seen a drop in demand for its services.
According to the Axios news portal, the platform is in the process of integrating Artificial Intelligence (AI) into its operations. At the beginning of the month, Linkedin launched a series of AI tools to help companies find better candidates and so that the social network’s “premium” users can receive specialized guidance.
Microsoft’s acquisition of Linkedin in 2016 for more than $26 billion was until recently the largest ever made by the technology giant. That honor now belongs to video game developer Activision Blizzard, which was acquired by the company last week for $75 billion after the British regulator, which had blocked the deal, gave its green light to the purchase.
