LinkedIn announced on May 8, 2023 that it was laying off 716 people due to ‘changing consumer behavior and slowing revenue growth’. Image for representational purpose only. , Photo Credit: Reuters
Professional networking platform LinkedIn says it is laying off more than 700 employees and shutting down its Chinese job app. downsizing of the tech industry,
LinkedIn blamed “changing customer behavior and slower revenue growth” for the cuts, which it announced in a blogpost late on May 8.
Technology companies have resorted Recurring waves of layoffs over the past yearTo impact the industry in a new phenomenon that reverses more than a decade of unbridled growth.
LinkedIn, which is owned by Microsoft, indicated that the net number of job losses could be less than 500.
LinkedIn said as part of its strategic shakeup that it would “open more than 250 new roles” across its operations team starting May 15, as well as new business and account management teams.
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LinkedIn said it would also shut down its local job app IncCareer for China by August, citing “stiff competition and a challenging macroeconomic environment”.
InCareer was launched in 2021 as a job board that did not include a social feed or the ability to share posts or articles. It replaced the Chinese version of LinkedIn’s website, which the company shut down as Beijing cracked down on the internet sector.