(Reuters) – As demand for hiring services slows, Microsoft subsidiary LinkedIn said on Monday it was laying off 668 employees across its engineering, recruiting and finance teams.
This is the second round of job cuts this year for the social network aimed at professionals.
These cuts, which concern more than 3% of the 20,000 employees, are in addition to the tens of thousands of job cuts that have occurred this year in the technology sector, in an uncertain economic context.
The sector laid off 141,516 employees in the first half of the year, compared with about 6,000 a year ago, according to employment firm Challenger, Gray & Christmas.
LinkedIn’s revenue comes largely from advertisements displayed on the network, as well as from billing subscriptions to recruitment and sales professionals, who use the network to find candidates.
In May, the network decided to cut 716 jobs in sales, operations and support teams in order to streamline its activities and remove layers, to allow faster decision-making.
(Reporting by Krystal Hu, with contributions from Yuvraj Malik and Aditya Soni in Bangalore; French version Mariana Abreu, editing by Kate Entringer)
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