LinkedIn, a website for the finding job opportunities, 716 employees.
The company ‘LinkedIn’ owned by Microsoft Corporation also announced the closure of its China-related jobs application.
LinkedIn, the social media network owned by Microsoft Corp. that helps business professionals find job opportunities, has now decided to lay off more than 700 people.
The company said in a statement Monday that it will cut those 716 jobs, while also shutting down its China-based job application.
LinkedIn, which has 20,000 employees worldwide, has grown revenue every quarter over the past year, but now it is facing layoffs amid a weak global economy, along with its parent companies and others. Joined with major technology companies.
According to LayOffice.FYI, over 270,000 tech jobs were cut globally in the last 6 months.
LinkedIn makes money through ad sales, as well as by charging subscription fees for recruiters and sales professionals, the network is widely used by users around the world to find job opportunities.
According to the report, in a letter written to employees by LinkedIn CEO Ryan Ruslansky, the decision to cut jobs is to streamline the work of sales, operations and support teams.
“We are increasing the use of vendors to more effectively serve emerging and developing markets as market and customer demand fluctuates,” he added.
A LinkedIn spokesperson said the vendors were “external partners” who would perform new and existing work.
The LinkedIn’s chief further said that the decision to cut jobs will also create 250 new jobs. The spokesperson further said that the employees affected by the reduction in jobs can also apply for these jobs.
