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LinkedIn is laying off 5% of its staff on Wednesday (May 13), Reuters reported Wednesday, citing unnamed sources. The company said it is reorganizing teams and focusing on growing areas of its business.
LinkedIn employs more than 17,500 full-time workers, according to the report. Reuters also said the layoffs were not linked to the company’s adoption of artificial intelligence, unlike some other technology firms that have cited AI as a factor in recent job cuts.
In an emailed statement to PYMNTS, LinkedIn said: “As part of our regular business planning, we’ve implemented organizational changes to best position ourselves for future success.”
Bloomberg reported Wednesday that LinkedIn is cutting jobs as well, but did not specify the scope of the reductions. It said the cuts affect engineering, product, marketing and other job functions.
Reuters cited a memo to LinkedIn employees from CEO Daniel Shapero, in which he said the company must deliver more to users and operate more profitably.
Shapero became CEO of LinkedIn on April 22, according to a company press release. The release said he is responsible for running the company and reports to Ryan Roslansky, executive vice president of LinkedIn and Microsoft Office.
In the April 22 press release, LinkedIn said: “LinkedIn’s leadership is changing, but our mission remains the same: connect the world’s professionals to make them more productive and successful.”
Reuters also noted that Microsoft, LinkedIn’s parent company, has been cutting jobs over the past few years as it invests in AI infrastructure.
During Microsoft’s April 29 earnings call, Amy Hood, executive vice president and chief financial officer, said LinkedIn revenue increased 12% and 9% in constant currency during the latest quarter. Hood also said Microsoft expects revenue growth of about 10% during the current quarter.
Microsoft Chairman and CEO Satya Nadella said on the call that LinkedIn has 1.3 billion members and that it is the leading B2B sales and advertising channel for large and small businesses.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
