LinkedIn is reducing its workforce by roughly 700 individuals as revenue growth has diminished in the past 24 months. The bulk of the layoffs are focused on the company's primary engineering division.Microsoft-owned LinkedIn reported on Monday that it has cut almost 700 employees, with most coming from its engineering organization, as per an internal memo seen by CNBC. Cuts were also carried out in the company's finance and human resources divisions, according to an anonymous source familiar with the changes who asked to remain unidentified due to not being authorized to discuss the situation.The restructuring comes as the business-oriented social media platform has seen its year-over-year revenue rise slow for the past eight quarters. This growth rate was still only at 5% during the second quarter, despite memberships increasing each quarter for the past two years, Microsoft declared in July.In a memo, LinkedIn directors Mohak Shroff and Tomer Cohen stated: "As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we've identified that will have an outsized impact in achieving our business goals. This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership and driving improved efficiency and transparency through reduced layering."Microsoft laid off 10,000 staff in January, with more in July. The downsizing is part of CEO Satya Nadella's plan to reduce the company's overall costs while its revenue growth rate was dropping.This latest round of layoffs is in addition to the 10,000 previously announced, a spokesperson stated.Furthermore, LinkedIn is now ramping up recruitment in India, according to the anonymous individual privy to the matter."While we are adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers," LinkedIn said in a blog post."We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect."Reuters reported on the job cuts earlier.
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