LinkedIn lays off 668 people, about 3% of global workforce

LinkedIn said Monday it is laying off hundreds of employees amounting to about three per cent of the social media company’s workforce.

The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams.

“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement.

The job cuts follow another more than 700 layoffs LinkedIn announced in May, as well as thousands more this year from parent company Microsoft, which has owned the professional-networking service since buying it for $26 billion US in 2016.

LinkedIn keeps growing and said its annual revenue surpassed $15 billion for the first time in the fiscal year that ended in June. The service, headquartered in Sunnyvale, Calif., makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.

Tech industry sees thousands of job cuts

Tech companies around the world are cutting thousands of jobs amid growing economic worries. Microsoft and Amazon have announced thousands of layoffs, while Canadian companies like Hootsuite and Lightspeed are also trimming positions.

LinkedIn reports having about 19,500 employees.

As of July, Redmond, Wash.-based Microsoft had a global workforce of 221,000 full-time employees, with more than half of those in the U.S.

It’s adding thousands more as part of its $69 billion acquisition of California video game-maker Activision Blizzard, which closed Friday. As of late last year, Activision Blizzard reported having 13,000 employees.