As Revenue Growth Slows, LinkedIn To Layoff 668 Employees

In a second round of job cuts, Microsoft Corp's LinkedIn is reducing its staff by 3 per cent as it is laying off 668 employees.

LinkedIn is "continuing to invest in strategic priorities for our future and to ensure we continue to deliver value to our members," the company stated in a blog post on Monday.

With a decrease in job seekers and hiring activities, LinkedIn is experiencing reduced demand for its services. In May, the social networking platform announced its intention to close down its Chinese jobs application and reduce its workforce by approximately 716 positions.

These reductions contribute to the considerable number of job losses in the technology sector this year, reflecting the uncertain economic prospects.

According to employment firm Challenger, Gray & Christmas, the sector has witnessed a substantial increase in layoffs, reaching 141,516 employees in the first half of this year, a significant rise from around 6,000 during the same period last year.

LinkedIn has 20,000 strong staff. Microsoft had acquired the company for $26.2 billion in 2016.