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LinkedIn, Bandcamp and Stack Overflow are all reducing the size of their teams as the tech sector continues its focus on profitability.
The tech sector is facing another wave of layoffs, as many companies have confirmed they are cutting their staff, including LinkedIn.
The Microsoft-owned social media site said it plans to reduce its global staff by roughly 668 roles across its engineering, product, talent and finance teams. LinkedIn said the changes are a difficult but “necessary and regular part of managing our business”.
“While we are adapting our organisational structures and streamlining our decision-making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers,” LinkedIn said.
“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 has roughly 19,000 staff worldwide, including around 2,000 employees in Ireland. However, the company had a previous round of layoffs in May to restructure its operations. This round saw roughly 716 being cut.
Bandcamp
Meanwhile, staff at music platform Bandcamp claim that roughly half of the staff have been cut, after Songtradr bought the platform from Epic Games.
Two staff members claim they were “waiting in limbo” for two weeks before being told they had lost their jobs. Another criticised the decision and claimed Songtradr has “proven that they have no concept of community, or its actual value”.
Epic Games confirmed that it was selling Bandcamp at the end of September. At the time, the gaming company also said it was firing 16pc of its workforce – about 830 people.
Stack Overflow
Meanwhile, the coding Q&A site Stack Overflow is laying off 28pc of its staff as the company focuses on spending reductions. These job losses are set to impact various teams within the company, with its go-to-market team being the most affected.
CEO Prashanth Chandrasekar said the company’s focus for its current and next fiscal year is profitability and that this, combined with macroeconomic pressures, led to the round of job cuts.
“This year we took many steps to spend less,” Chandrasekar said. “Changes have been pursued through the lens of minimising impact to the lives of Stackers. Unfortunately, those changes were not enough.”
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