Tech LinkedIn cuts over 700 jobs as demand wavers By Reuters May 9, 2023 Unsplash.com The Microsoft-owned business is also eliminating the slimmed-down jobs app it offers in China LinkedIn, the professional networking platform owned by Microsoft, has revealed plans to cut 716 jobs as demand wavers, while also shutting down its China-focused jobs app. LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers as the global economic outlook weakens. In the past six months, more than 270,000 tech jobs have been cut around the world, according to tracking website Layoffs.fyi. Opinion: Working out priorities in the brave new world of fintech LinkedIn makes money through ad sales and also by charging for subscriptions to recruiting and sales professionals who use the network to find prospects. In a letter to employees, LinkedIn CEO Ryan Roslansky said the move to cut roles in its sales, operations and support teams was aimed at streamlining the company’s operations and would remove layers to help make quicker decisions. “With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors,” he wrote. Roslansky’s letter added that the changes would result in the creation of 250 new jobs. A LinkedIn spokesperson said employees affected by the cuts would be eligible to apply for those roles. LinkedIn also said it was eliminating the slimmed-down jobs app that it offers in China after it decided in 2021 to mostly withdraw from the country, citing a “challenging” environment. The remaining China app, called InCareers, will be phased out by August 9, LinkedIn said. “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 told users. LinkedIn will retain a presence in China to help companies operating there hire and train employees outside the country, the company spokesperson said. In the tech sector, large companies have accounted for the bulk of recent layoffs, including 27,000 at Amazon, the most in its history. Facebook owner Meta Platforms shed 21,000 and Google parent Alphabet has laid off 12,000. Before LinkedIn’s announcement, 5,000 technology jobs had been eliminated in May alone, according to Layoffs.fyi. Microsoft, which bought LinkedIn for around $26 billion in 2016, has announced some 10,000 job cuts in recent months and took a $1.2 billion charge related to the layoffs.