LinkedIn, a job-focused social media platform, is planning to cut 716 jobs citing weak demand, reported Reuters.
The Microsoft-owned firm is also closing its Chinese job application, called InCareers.
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Revenue at LinkedIn grew in each quarter during 2022 but the company joins technology giants, including Microsoft, in axing jobs due to weak economic prospects.
According to Layoff.fyi, in the last six months, over 270,000 people working in the technology sector have lost jobs.
LinkedIn’s decision will impact sales, operations and support teams.
In a letter to staff, LinkedIn CEO Ryan Roslansky said the job cuts were part of the company’s efforts to streamline operations and would aid in faster decision-making.
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By GlobalData“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 was quoted by the news agency as saying.
The vendors, according to a LinkedIn spokesperson, were “external partners” who would take on both new and existing workloads.
Additionally, according to Roslansky’s letter, the restructuring will lead to the creation of 250 new jobs.
The spokesperson added that affected employees would be qualified to apply for such positions.
In a separate announcement, LinkedIn said it is closing the InCareers job application.
“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 company said.
InCareers will cease to operate after 9 August 2023.
“LinkedIn will continue to have a presence in China and will focus on assisting companies operating in China to access economic opportunity through our talent and marketing solutions, and later this year through our learning solutions,” it added.
