LinkedIn set to layoff 5 percent of staff, report says – Yahoo Finance

LinkedIn is planning to lay off five percent of its workforce as job cuts continue to take a toll on the tech industry. The networking-centric social media platform plans to tell impacted workers they’ve been let go Wednesday, sources told Reuters. LinkedIn employs more than 17,500 people globally. It was not immediately clear which teams the workers impacted by layoffs would be from. However, one of the sources noted that the cuts were intended to help the company reorganize teams and focus on areas where its business is growing. The layoffs are not because LinkedIn is looking to replace human workers with artificial intelligence, the sources said. However, the layoffs come as U.S. companies named AI as the driving force behind job cuts for the second month in a row, according to a report. LinkedIn is planning to lay off about five percent of its 17,500 employees on Wednesday, according to a report (AFP/Getty) In April, employers announced 83,387 layoffs, a 38 percent increase from March, according to the report by Challenger, Gray & Christmas, a global outplacement firm. Artificial intelligence caused 26 percent of those layoffs, making it the most frequently cited reason for workforce reductions for a second
Read More