Hundreds of LinkedIn employees will be looking for work this summer, with over 600 workers set to be laid off in the months ahead.
A new Worker Accounting and Retraining Notification (WARN) report reveals that 606 LinkedIn employees were notified of permanent layoffs last week, which will go into effect on July 13.
The bulk of the layoffs (352) come from their Mountain View, California office, with another 66 remote employees in the same city.
Another 108 employees were laid off at their San Francisco office, plus another 59 at their Sunnyvale office and 21 in Carpinteria.
The layoffs were foreshadowed by an internal memo from LinkedIn CEO Daniel Shapero which was detailed by Business Insider earlier this month.
“We need to reinvent how we work, with agile teams focused on our highest priorities, and by shifting investments toward areas such as infrastructure to fulfill our mission and vision over the long term. This requires hard prioritization and tradeoffs,” the memo stated.
“Today I’m sharing the difficult decision that I, along with our leadership team, have made to reduce roles across GBO, Marketing, Engineering and Product,” the CEO added.
He also added the company was planning on, “scaling back investments in some areas including marketing campaigns, vendor spend, customer events, and underutilized office space, so we can focus teams on priorities that have the broadest impact with the highest ROl.”
It’s possible there are even more layoffs on the way too, since Reuters reported last week that the company was planning on cutting 5% of its workforce.
A 5% cut of the company’s 17,500 employees would result in a cut of 875 jobs, though there is no indication that more could be shown the door at LinkedIn quite yet.
The cuts come just weeks after LinkedIn announced in a third-quarter earnings statement that they posted a 12% growth in revenue year-over-year.
It also comes just weeks after Shapero rose to the CEO position in April, after serving as the company’s chief operating officer.
LinkedIn’s parent company, Microsoft, also recently announced they would be offering buyouts that could affect 7% of its 125,000-person workforce, roughly 8,750 people.
The company will be offering the buyouts for employees who want to retire early, if their age and years of service adds up to more than 70.
This means a 58-year-old employee with 12 years of service would be eligible, allowing the company to trim its workforce without enacting another wave of layoffs.
