LinkedIn, the employment-focused social media platform owned by Microsoft (NASDAQ:MSFT), announced on Wednesday that it has crossed the one billion users mark and plans to integrate more artificial intelligence features for paying subscribers.
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Notably, the company now joins the ranks of top social media platforms like Meta Platforms’ (NASDAQ:META) Facebook and Instagram, which have over a billion users on their platforms. According to the announcement, LinkedIn said about 80% of its members who joined recently are from outside the United States.
Additionally, the California-based company mentioned that it would add more artificial intelligence features to its platform. Indeed, the AI will help members, job seekers, and hirers better navigate the platform and speed up job hiring and search processes. However, it noted that the features will only be available to subscribed members.
Meanwhile, the recent development comes on the heels of a recent job cut at LinkedIn. Barely two weeks ago, the company announced it would lay off 668 workers in various divisions. The layoff was the second this year, with the first coming in May, which saw over 700 workers exit the company.
Microsoft shares traded higher in Wednesday’s afternoon session.
What is a Good Buy Price for MSFT?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 23 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average MSFT price target of $409.48 per share implies a 19.09% upside potential.
