Stellar Snippets
On Monday, LinkedIn, a company owned by Microsoft, revealed that it has downsized its workforce by nearly 700 employees.
The majority of the reductions occurred within the engineering department, as outlined in a memo obtained by CNBC.
Reductions also impacted the firm's finance and human resources departments
These cutbacks coincide with a period of eight consecutive quarters in which the social network has experienced a slowdown in year-over-year revenue growth.
In January, Microsoft disclosed plans to lay off 10,000 employees, with further cuts occurring in July.
As per the individual with knowledge of the situation, LinkedIn is currently increasing its recruitment efforts in India.
In a blog post, LinkedIn said, “While we are adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future..."
The post continues with, “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.”