Panic in California as LinkedIn announces hundreds of layoffs
Over 600 LinkedIn employees are set to be laid off this summer, with 606 workers receiving permanent layoff notifications last week, effective July 13, according to a new Worker Accounting and Retraining Notification (WARN) report.
The majority of the layoffs (352) will be from their Mountain View, California office, with an additional 66 remote employees in the same city. Other layoffs include 108 employees in San Francisco, 59 in Sunnyvale, and 21 in Carpinteria.
This decision follows an internal memo from LinkedIn CEO Daniel Shapero, emphasizing the need to shift investments and focus on key priorities. The company plans to reduce roles in various departments and scale back investments in marketing campaigns, vendor spend, and more.
Additionally, Reuters reported that LinkedIn is planning to cut 5% of its workforce, potentially affecting 875 jobs out of the company’s 17,500 employees. This news comes shortly after LinkedIn announced a 12% revenue growth in their third-quarter earnings statement.
Shapero, who recently took over as CEO in April, is navigating these changes as LinkedIn’s parent company, Microsoft, also announced buyouts that could impact 7% of its workforce. Employees who meet certain criteria for early retirement will be eligible for these buyouts, allowing the company to trim its workforce without resorting to further layoffs.
