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LinkedIn to cut 716 jobs and shut down Chinese app
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LinkedIn will lay off 716 employees and discontinue its China-focused job application as demand for its services declines.
The cuts will mainly affect its sales, operations, and support teams.
CEO Ryan Roslansky said the layoffs aimed to streamline its operations and would eliminate layers for quicker decision-making.
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He said: "With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors.”
The firm has 20,000 employees and has boosted revenue each quarter over the previous year.
The professional networking platform generates revenue via ad sales and subscriptions from recruitment and sales professionals.
The corporation is also increasing its usage of external vendors, who will work on new and existing projects.
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Mr. Roslansky said the move would result in the creation of 250 additional positions and a company spokesperson said staff affected by the layoffs could apply for those roles.
Because of tough competition and a challenging financial environment, LinkedIn has also quit its InCareers app in China.
However, LinkedIn will continue to have a presence in China to help firms hire and train staff from outside the country.
The decision to stop the app comes on the heels of Microsoft's recent 10,000 job losses, which resulted in a $1.2 billion cost connected to the layoffs.
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Most of the recent cuts were from big tech companies, including Amazon, which cut 27,000 workers, the deepest in its history.
Facebook parent Meta slashed 21,000 workers, while Google owner Alphabet terminated 12,000.
Prior to LinkedIn's announcement, 5,000 technical positions have been lost this month.
Despite its growth, LinkedIn has joined the ranks of other tech giants, including its parent, in dismissing staff due to an uncertain market and customer demand.
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