Microsoft-owned LinkedIn has announced that it has laid off nearly 700 employees, predominantly from the engineering division, as well as the finance and human resources departments. The social network has witnessed a slowdown in year-over-year revenue growth for the past eight quarters, with just a 5% growth in the second quarter. The recent layoffs are part of Microsoft’s overall cost-cutting strategy, which included a previous announcement of 10,000 job cuts in January. LinkedIn is now focusing on recruiting in India, while assuring support and respect for affected employees during the transition.