LinkedIn, owned by Microsoft Corp (MSFT.O), announced on Monday that it would reduce 716 employees and close its China-focused job application due to declining demand.
LinkedIn, with 20,000 employees, has gained revenue each quarter over the previous year. Still, it joins other large technology businesses like its parent in laying off staff despite a worsening global economy.
Layoffs. Fyi reports over 270,000 IT job cuts worldwide in the previous six months.
LinkedIn sells ads and charges recruitment and sales professionals for memberships to locate prospects.
LinkedIn CEO Ryan Roslansky told staff that cutting sales, operations, and support positions will streamline operations and help make faster choices.
“With market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors,” Roslansky added.
A LinkedIn spokesman called the suppliers “external partners” who would handle new and current business.
In the letter, Roslansky argued the measures would create 250 employment. However, the spokeswoman stated cut workers might apply.
After leaving China in 2021 because of a “challenging” climate, LinkedIn also stated it was removing its slimmed-down jobs app. LinkedIn’s InCareers China app will be discontinued on August 9.
“Despite our initial progress, InCareer faced fierce competition and a challenging macroeconomic climate, which ultimately led us to the decision of discontinuing the service,” the firm told its visitors.
According to the business spokeswoman, LinkedIn will stay in China to assist Chinese firms in finding and training foreign workers.
Large IT corporations have laid off the most recently, including 27,000 at Amazon.com Inc (AMZN.O).
Meta Platforms Inc (META.O), which owns Facebook, laid off 21,000, while Alphabet Inc (GOOGL.O) laid off 12,000.
Before LinkedIn’s disclosure, Layoffs. Fyi reported, 5,000 technology job losses in May.
In recent months, Microsoft, which acquired LinkedIn for $26 billion in 2016, has laid off 10,000 workers and taken a $1.2 billion charge.
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