LinkedIn cuts more than 700 jobs and closes its Chinese job search application

LinkedIn, a social network owned by Microsoft Corporation, said on Monday that it would cut 716 jobs due to falling demand, as well as closing its job search application in China. This is reported by Reuters.

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LinkedIn, which employs 20,000 people, has grown quarterly revenue over the past year, but it joins the ranks of other major technology companies laying off workers amid a worsening global economic outlook.

Over the past six months, more than 270,000 technology jobs have been cut worldwide, according to Layoffs.fyi, which tracks the effects of these cuts.

Earnings LinkedIn

LinkedIn makes money by selling advertising, and also charges a subscription fee to recruiters and sales professionals who use the network to find potential clients.

In a letter to employees, CEO of LinkedIn Ryan Roslansky said that the reduction of positions in sales, operations and support departments is aimed at streamlining the company’s activities and will contribute to faster decision-making.

“Due to the fact that the market and customer demand are increasingly fluctuating, and to serve developing and growing markets more effectively, we are expanding the use of suppliers,” wrote Roslansky.

In the letter, Roslansky also noted that the changes will lead to the creation of 250 new jobs. The spokesperson of the social network said that the employees affected by the reduction will have the right to apply for these positions.

Application liquidation

LinkedIn also announced that it is shutting down its job search app in China. The InCareers application will be closed until August 9.

According to a company representative, LinkedIn will maintain its presence in China to help companies operating there hire and train employees outside the country.

Read also: Walt Disney started to lay off 7,000 people as part of the “streamlining” of the business

Dismissal in the technological sector

In the technology sector, large companies account for the bulk of recent layoffs, including 27 thousand at Amazon, which is the largest indicator in the entire history of the company.

The owner of Facebook, the company Meta Platforms, cut 21 thousand employees, and the parent company of Google, Alphabet — 12 thousand.

Microsoft, which bought LinkedIn for approximately $26 billion in 2016, announced the reduction of about 10,000 jobs in recent months and took on $1.2 billion in liabilities.

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Source: Ministry of Finance

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