LinkedIn makes money by selling advertising and charging subscriptions to recruiting and sales professionals who use the network to find suitable candidates for certain positions.
In the fourth quarter of fiscal 2023, LinkedIn’s revenue increased 5% year-over-year, compared to a 10% rise in the previous quarter. Microsoft has cited a slowdown in hiring, along with a decline in advertising spending, as the biggest challenges for LinkedIn, although the platform continues to add new members to its community of 950 million users.
In May, LinkedIn decided to cut 716 jobs across sales, operations and support teams to streamline its organizational chart and simplify decision-making processes.
A few days ago, the last company to announce massive layoffs was Qualcomm, which eliminated 1,200 employees from its headquarters in San Diego and Santa Clara, California, from areas such as engineering, legal counsel and human resources. It is estimated that the round of layoffs will conclude in the first half of December.
Qualcomm said the layoffs are part of the restructuring process the company is carrying out, due to “continued uncertainty in the macroeconomic environment and demand. “We look forward to taking additional restructuring actions to enable continued investments in key growth and diversification opportunities.”
Among the technology companies that have laid off the most employees are Google, which records 12,000 jobs eliminated, followed by Meta, with 11,000, and Microsoft, with 10,000.