The Axe Swings Again: Veoh Lays Off 20 Percent; LinkedIn Cuts 10 Percent

— Online video aggregator Veoh is cutting about 20 percent of its workforce — or about 20 employees. The layoffs will impact the San Diego and LA offices and come less than two weeks after news broke that the company had cut 15 jobs and shut down its office in St. Petersburg, Russia. The company says the latest layoffs are aimed at helping Veoh stay “nimble and focused” amid “today’s uncertain economic climate,” but the move comes after a company spokesperson insisted a couple of weeks ago that no layoffs were imminent in the U.S. — adding that the company was, in fact, planning to do more hiring in SD and LA. Veoh’s rep also maintained that the company had “plenty of cash in the bank” (and they should, having raised $30 million in a fourth round this June) and is still on track to be profitable next year.

— Similarly, online business social net LinkedIn is laying off about 10 percent of staff, which is about 36 people out of about 370. The layoffs were intended to keep the company cash positive: not a bad thing in itself except the company has raised money in the hydrogen-winter territory, as we wrote before. Also gives hints of slowing down of revenue growth at the company, despite previous claims. It also previously said it had reached profitability last year. The company is funded by Sequoia, so it is all but obligated to do these cuts these days anyway.