Sunnyvale, November 23: Microsoft-owned LinkedIn has reportedly laid off hundreds of employees from various departments in the past two weeks. The latest round of LinkedIn layoffs has eliminated 200 roles from the engineering and customer support departments. This round comes a year after when a professional social network for businesses, Microsoft, laid off thousands of employees.

According to a report by Tech in Asia, the new round of LinkedIn layoffs were announced as the network struggled financially due to its declining sales. In the last two weeks, the job cuts affected 200 people, reducing around 1% of LinkedIn's workforce. The company has around 18,500 employees. In 2023, the Microsoft-owned professional networking platform laid off 2,000 employees, aiming to reduce expenses. The recent round of LinkedIn layoffs is said to have been initiated because of the company's weaker advertising sales and reduced revenues. Deloitte Layoffs: UK-Based Audit Firm Announces Job Cuts, Lays Off 180 Employees in Advisory Divisions Amid Industry Struggles.

LinkedIn's latest round of layoffs adds to the industry's ongoing tech layoffs for multiple reasons. This year, the companies laid off IT people from various departments as they struggled with global or industry-specific competition. They planned to restructure their business amid ongoing global transformation or adopt automation offered by artificial intelligence. 

LinkedIn's parent company, Microsoft, also announced layoffs this year, cutting hundreds of roles from its gaming division and others. Rivals, including Elon Musk's X, also laid off people in 2024. The global job-searching site Indeed eliminated 1,000 positions this year to simplify the organisation's operations. 

Besides, the BYJU's had a rough journey this year, from once a great edtech company to becoming almost non-existent in the market, leading to layoffs of several employees. Several software companies and IT majors went ahead and adopted a new strategy called "silent layoffs" or "quiet layoffs", which were limited within the organisation without the involvement of the press. Ford Layoffs: US-Based Automobile Giant Planning Job Cuts of 4,800 Employees in Germany, UK Amid Its Struggles With Passenger Vehicle, Lower Demand.

Microsoft, Intel, Dell, Meta, X, Tesla, Salesforce, Unacademy, BYJU's, Paytm and several other tech giants reduced their workforce this year amid the rise of global challenges in the technology and AI sector. 

(The above story first appeared on LatestLY on Nov 23, 2024 01:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).