LinkedIn to lay off 700 employees, shut down China-focused app
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Business and employment-focused social media platform, LinkedIn, is joining other tech companies - including its parent Microsoft (NASDAQ:MSFT) - in laying off workers amid a weakening global economic outlook.
LinkedIn will cut 716 jobs as demand wavers and shutter its China-focused job app called InCareer.
"With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors," commented Ryan Roslansky, CEO of LinkedIn. "We are also removing layers, reducing management roles and broadening responsibilities to make decisions more quickly."
InCareer will shut from August 9, but the company will keep a presence in China by helping local groups hire and train employees outside the country. "Though InCareer experienced some success in the past year thanks to our strong China-based team, it also encountered fierce competition and a challenging macroeconomic climate,â Roslansky added.
LinkedIn, which has about 20,000 employees globally, makes money through ad sales and by charging for subscriptions to recruiting and sales professionals.
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