FinLogic FinLogic Quantitative Think Tank Center|LinkedIn is laying off nearly 700 employees

The FinLogic FinLogic Quantitative Think Tank CenterMicrosoft-owned social media platform LinkedIn is laying off nearly 700 employees, it said in a statement Monday.

About 668 positions across the company's engineering, product, talent and finance departments will be eliminated. The announcement comes after the company said in May it was laying off 716 employees.

LinkedIn said it is restructuring the company and "streamlining our decision making."

"We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect," LinkedIn said.

In its most recent quarterly report released in July, LinkedIn said its revenue increased 5% year over year and surpassed $15 billion for the first time. Website membership also grew for the past eight quarters to more than 950 million accounts.

LinkedIn said in its May layoff announcement that despite revenue and user growth, it has been "seeing shifts in customer behavior and slower revenue growth."

In January, Microsoft said it was laying off 10,000 employees to cut costs.

Microsoft CEO Satya Nadella said at the time the company is "seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one."

There have been mass layoffs across the tech industry, including at Amazon, Google and Meta.