Microsoft-owned LinkedIn lays off nearly 700 employees — read the memo here

Microsoft-owned LinkedIn has cut almost 700 employees, , according to a memo viewed by CNBC, with most coming from the engineering division but also in the company’s finance and human resources groups.

The layoffs come as the business-oriented social network has seen year-over-year revenue growth slow for eight consecutive quarters - even as membership has accelerated each quarter for the past two years, Microsoft officials have said. A person familiar with the situation who asked to remain anonymous said meanwhile LinkedIn is now ramping up hiring in India.

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