Investing.com -- LinkedIn is preparing to announce staff cuts on Wednesday, in the latest sign of continued restructuring across the technology sector.

The Microsoft-owned professional networking platform plans to reduce its workforce as it reorganizes teams and redirects resources.

Reports of a 5% reduction are inaccurate, according to a source familiar with the matter.

Rumors of cuts had circulated earlier on Blind, the anonymous workplace community app, where posts suggested the figure could be higher.

In a statement, a LinkedIn spokesperson told Investing.com: "As part of our regular business planning, we’ve implemented organizational changes to best position ourselves for future success."

The cuts would add LinkedIn to a growing list of technology companies that have trimmed headcount this year, even as the broader sector continues to pour investment into artificial intelligence infrastructure.

LinkedIn has not publicly confirmed the scale of the reductions.