By Stephen Nellis
Reuters – LinkedIn, a Microsoft-owned social media network focused on business professionals, said on Monday it would cut 716 jobs as demand fluctuates, while also halting China-specific job postings. bottom.
LinkedIn, which employs 20,000 people, has posted quarterly revenue growth last year, but it is laying off workers, as are other big tech companies, including its parent company, as the global economic outlook deteriorates. .
More than 270,000 tech jobs have been cut worldwide in the past six months, according to impact tracker Layoffs.fyi.
LinkedIn makes money through advertising sales and by charging subscription fees to recruiters and salespeople who use the network to find leads.
In a letter to employees, LinkedIn CEO Ryan Rozlanski said the move to reduce the roles of the sales, operations and support teams was aimed at streamlining the company’s operations and making it more efficient. He said it would remove layers to support faster decision-making.
“We are expanding our use of vendors to more effectively serve emerging and growing markets as markets and customer demands become more volatile,” Roslansky wrote.
A LinkedIn spokesperson said the vendor is an “external partner” that undertakes new and existing work.
Rozlansky also said in the letter that the changes would create 250 new jobs. A spokeswoman said employees affected by the layoffs are eligible to apply for these positions.
LinkedIn also announced it would be ditching its streamlined recruiting app in China after it decided to exit most of the country in 2021, citing a “challenging” environment. The remaining Chinese app, called InCareers, will be phased out by August 9, according to LinkedIn.
“Despite initial progress, InCareer faced intense competition and a difficult macroeconomic climate, which ultimately led to the decision to discontinue the service,” the company told website users. .
A LinkedIn spokeswoman said the company will maintain a presence in China to help companies operating in China hire and train employees abroad.
Large tech companies have accounted for most of the recent job cuts, including Amazon.com Inc., which has a record 27,000 jobs.
Facebook owner Metaplatforms has laid off 21,000 jobs, while Google parent Alphabet laid off 12,000. Prior to LinkedIn’s announcement, he had 5,000 tech jobs cut in May alone, according to Layoffs.fyi. Microsoft, which bought LinkedIn for about $26 billion in 2016, announced about 10,000 job cuts in recent months and claimed $1.2 billion in costs related to the job cuts.
(Reporting by Stephen Nellis in San Francisco; Editing by Jamie Freed)
