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LinkedIn Corp. has cut its workforce, and more than 700 jobs are affected. The business and employment-focused social media platform that is now owned by Microsoft Corp. is also deactivating its app in China due to the weak demand.
LinkedIn said this week that about 716 employees are set to lose their jobs as the company is experiencing low demand. The Chinese version of its app will also be officially shut as well.
According to Reuters, the company employs about 20,000 people, and its revenue has grown in each quarter in the last year, however, the numbers are declining now. In fact, it has joined other major technology brands, including its parent company, in the implementation of layoffs as the global economic outlook in this market is diminishing globally.
It was mentioned that based on the data, just in the last six months, over 270,000 workers around the world were terminated in the tech industry. Now, LinkedIn is making an announcement about its own job cuts, which it can’t avoid.
The employees were informed about the layoffs through a letter that was sent to them by LinkedIn chief executive officer, Ryan Roslansky. In the memo, he said that the job cuts will eliminate roles in the operations, support, and sales teams.
Roslansky further explained that the aim of the job slash is to streamline LinkedIn’s business operations. As part of the plan, the company will also get rid of some layers so they can easily make decisions.
"With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors," Roslansky said in the memo.
Finally, regarding the removal of the LinkedIn app in China, The Guardian also quoted the CEO as saying, “Though InCareer experienced some success in the past year thanks to our strong China-based team but it also encountered fierce competition and a challenging macroeconomic climate.”
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