LinkedIn cuts 700 jobs and will eliminate app from China – 5/9/2023 – Tech

LinkedIn, the Microsoft-owned social media platform that focuses on business professionals, said on Monday it will cut 716 jobs as demand fluctuates, while also ending its focused job application. in China.

The company, which has 20,000 employees, has increased revenue every quarter over the past year, but joins other major tech companies, including its parent, in laying off employees amid a weakening global economic outlook.

LinkedIn makes money by selling ads and also by charging subscriptions to recruiting and sales professionals who use the network.

In a letter to employees, the company’s CEO Ryan Roslansky said the move to cut roles across its sales, operations and support teams is aimed at streamlining the company’s operations and removing layers to help make decisions faster.

“With market and customer demand fluctuating more, and to serve emerging and growing markets more effectively, we are expanding our use of suppliers,” Roslansky wrote.

Roslansky also said in the letter that the changes will result in the creation of 250 new jobs. A spokesperson said employees affected by the cuts will be eligible to apply for the roles.

LinkedIn also said it is scrapping the reduced jobs app it offers in China after it decided to pull out of the country in 2021, citing a “challenging” environment. China’s remaining app, called InCareers, will shut down by Aug. 9, he said.

The social media platform will maintain a presence in China to help companies operating there hire and train employees outside the country, the company’s spokesperson said.

In the past six months, more than 270,000 tech jobs around the world have been cut, according to Layoffs.fyi, which has been tracking the fallout.