-owned LinkedIn announced Monday that it cut almost 700 employees, with most coming from the engineering organization, according to a memo viewed by CNBC. Cuts also came in the company's finance and human resources groups, according to a person familiar with the situation who asked to remain unidentified because they were not authorized to discuss the changes.

The reductions come as the business-oriented social network has seen year-over-year revenue growth slow for eight consecutive quarters. It grew just 5% in the second quarter, even as membership growth has accelerated each quarter for the past two years, Microsoft .

"As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we've identified that will have an outsized impact in achieving our business goals," LinkedIn executives Mohak Shroff and Tomer Cohen wrote in the memo. "This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership and driving improved efficiency and transparency through reduced layering."

Microsoft announced in January that it was , and additional ones following . The slimming down comes as Microsoft's overall revenue growth has slipped, pushing CEO Satya Nadella to lower costs across the company.

These new layoffs are in addition to the 10,000 from January, a spokesperson said.

LinkedIn is now ramping up hiring in India, according to the person familiar with the matter.

"While we are adapting our organizational 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 in a .

"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."

reported on the cuts earlier.

Here's the full memo:

Team,

We did not expect to share this important update with you all in the midst of such challenging times, but in the spirit of creating clarity, Tomer and I wanted to share some news regarding changes we are making to our orgs.

As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we've identified that will have an outsized impact in achieving our business goals. This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership, and driving improved efficiency & transparency through reduced layering.

These decisions result in the reduction of 563 roles across R&D. Broken down there are 137 Engineering management roles and 38 Product roles being reduced. Additionally, there will be 388 role reductions across our Engineering team in an effort to better align resources to our FY24 plan, and we will open a small number of new roles to fill critical gaps in our ambitious roadmap.

For those who are directly affected by these changes, you will receive a calendar invitation within the next hour, titled "Required Attendance: R&D Role Reductions". This meeting will provide you with detailed information on how we will support you through this transition.

If you do not receive this invitation, expect communication from your Product or Engineering Executive leader soon with specifics pertaining to your organization and how we will collectively navigate through these changes.

Tomer and I made these decisions with deep consideration towards the long-term needs of our business and with the acknowledgement that every affected individual has played a valuable role in the growth and success of Linkedin.

In the coming days, our focus will be on supporting each other and discussing the ways we will move forward, with our vision, mission, and values as our guides. Today, it is imperative that we support our colleagues navigating this transition. Let's continue to embrace empathy and understanding through these difficult times and use these as a cornerstone for the support we provide each other.

Mohak & Tomer

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