LinkedIn cuts more than 600 workers, about 3% of workforce

This is the best summary I could come up with:

SUNNYVALE, Calif. (AP) — LinkedIn said Monday it is laying off hundreds of employees amounting to about 3% 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.

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 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, California, makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.

It’s adding thousands more as part of its $69 billion acquisition of California video game-maker Activision Blizzard, which closed Friday.

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4 comments

This is happening all over tech. I feel so bad for people trying to get in the industry now.
- Actually, half of the point is to reduce seniority with cheaper unexperienced grads.
  Claim supported by companies still hiring full speed for lower level positions, and not replacing attrition with similar levels of experience.
  
  Yeah. Companies requiring insane skills for a senior position while wanting to pay peanuts¹ (if they'll even post the salary range).
  ¹ - compared to the previous standard
This is the best summary I could come up with:
SUNNYVALE, Calif. (AP) — LinkedIn said Monday it is laying off hundreds of employees amounting to about 3% 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.
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 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, California, makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.
It’s adding thousands more as part of its $69 billion acquisition of California video game-maker Activision Blizzard, which closed Friday.
The original article contains 207 words, the summary contains 147 words. Saved 29%. I'm a bot and I'm open source!