LinkedIn revenue rose 29% in constant currency in the fiscal fourth quarter ended June 30, up 26% on a reported basis to $768 million, Microsoft Corp. reported Tuesday afternoon. LinkedIn’s growth was lower than expected as revenue from its marketing solutions advertising business was impacted by a slowdown in advertising spend, CFO Amy Hood said in a call with analysts.

LinkedIn’s year-over-year revenue growth in the upcoming first quarter is not forecast to match the fourth quarter’s growth.

“For LinkedIn, we expect continued strong engagement on the platform, although results will be impacted by the slowdown in advertising spend and hiring, resulting in low to mid-teens rev growth,” Hood said in the call.

However, Microsoft Chairman and CEO Satya Nadella noted engagement on LinkedIn remains strong.

“We once again saw record engagement among the more than 850 million members, a testament to how mission-critical the platform is to connect job seekers with jobs, learners with skills and marketeers with buyers,” Nadella said.

Revenue for Microsoft as a whole rose 12% year over year to $51.9 billion. In constant currency, the increase was 16%.

CNBC reported revenue fell short of guidance and was the slowest revenue growth since 2020.

Microsoft also noted it had employee severance expenses of $113 million in the quarter, excluding Russia. Separately, the company had scaled down its operations in Russia and recorded operating expenses of $126 million related to bad debt expense, asset impairments and severance.