The majority of these cuts were concentrated within the engineering department, as detailed in an internal memo obtained by CNBC. Similar reductions were also observed within the company’s finance and human resources sectors, a revelation made by an anonymous source who requested anonymity due to a lack of authorization to discuss these changes.
These workforce adjustments coincide with a period of decelerating year-over-year revenue growth for the professional networking platform, spanning eight consecutive quarters. In the second quarter, revenue growth only reached 5%, despite a consistent increase in membership over the past two years, as reported by Microsoft in July.
The memo from LinkedIn executives Mohak Shroff and Tomer Cohen highlighted the need for organizational evolution in alignment with their FY24 plan.