LinkedIn cuts 960 jobs

Microsoft's professional networking site LinkedIn said on Tuesday it would cut about 960 jobs, or 6% of its global workforce, as the coronavirus pandemic is having a sustained impact on demand for its recruitment products.

Fred Katayama reports.

Many staff at LinkedIn may soon have to update their profiles.

The professional networking site owned by Microsoft said Tuesday it's cutting around 960 jobs.

That's 6% of its global workforce.

LinkedIn's CEO said the company is "not immune" to the effects of the pandemic, adding that fewer companies need to hire at the same volume as before, and that includes LinkedIn.

Microsoft had reported that Linkedin had suffered a reduction in advertising spending in the March quarter.

LinkedIn, which helps workers find jobs and employers assess a candidate's suitability, has been hit as companies layoff staff or sharply curtail hiring.

The unemployment rate in the U.S. has steadily fallen since skyrocketing in April, but it remains historically high at above 11%.

At LinkedIn, jobs will be cut across sales and hiring divisions of the group globally.

The company says it's offering at least 10 weeks of severance pay and health insurance for a year to affected U.S. employees.

It'll also let them keep company-issued cell phones and laptops to help them make transition into new jobs.

Shares of Microsoft rose in early trading Tuesday.