LinkedIn is laying off 5% of its staff Wednesday (May 13), Reuters reported Wednesday, citing unnamed sources.
The company is reorganizing teams and focusing on growing areas of its business, according to the report.
While some technology companies have cited their adoption of artificial intelligence as a reason for layoffs, LinkedIn did not do so, the report said.
The company employs more than 17,500 full-time workers, per the report.
Reached by PYMNTS, LinkedIn said in an emailed statement: “As part of our regular business planning, we’ve implemented organizational changes to best position ourselves for future success.”
Bloomberg also reported Wednesday that LinkedIn is cutting jobs, but the media outlet did not specify the scope of the reductions. It said the reductions affect engineering, product, marketing and other job functions.
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The report cited a memo to LinkedIn employees from LinkedIn CEO Daniel Shapero, in which the executive said the company must deliver more to users and operate more profitably.
LinkedIn’s parent company, Microsoft, has been cutting jobs over the past few years as it invests in AI infrastructure, per the report.
Shapero became CEO of LinkedIn on April 22, according to a company press release. He is responsible for running the company and reports to Ryan Roslansky, executive vice president of LinkedIn and Microsoft Office, according to the release.
“LinkedIn’s leadership is changing, but our mission remains the same: connect the world’s professionals to make them more productive and successful,” the company said in the April 22 press release.
During Microsoft’s April 29 earnings call, the company’s executive vice president and chief financial officer, Amy Hood, said that LinkedIn revenue increased 12% and 9% in constant currency during the latest quarter, with growth across all its lines of business, and that it is expected to see revenue growth of about 10% during the current quarter.
Microsoft Chairman and CEO Satya Nadella said during the call: “LinkedIn has 1.3 billion members and we are seeing increased depth of conversation, and it’s the leading B2B sales and advertising channel for large and small businesses.”
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