LinkedIn lays off 716 employees, exits China market
LinkedIn CEO Ryan Roslansky said in an email to employees that the move was aimed at streamlining the company's operations.
New Delhi: Microsoft-owned LinkedIn has laid off 716 employees, as the company makes changes to its Global Business Organisation (GBO) and exits the China market.
The company’s CEO Ryan Roslansky said in an email to employees that the move was aimed at streamlining the company’s operations. “As we guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization (GBO) and our China strategy that will result in a reduction of roles for 716 employees,” he wrote late on Monday.
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“If your role is directly impacted by this decision, you will receive a calendar invitation within the next hour for a meeting with a leader from your team and a representative from our GTO,” he added.
He admitted that while the platform is making meaningful progress creating economic opportunities for its members and customers and experiencing record engagement on the platform, “we’re also seeing shifts in customer behaviour and slower revenue growth”. “In an evolving market, we must continuously have the conviction to adapt our strategy in order to make our vision a reality,” said the CEO.
LinkedIn saw record engagement in the March quarter as more than 930 million members globally now turn to the professional social network to connect, learn, sell and get hired. The LinkedIn revenue increased 8 per cent in the March quarter for the tech giant. In 2016, Microsoft acquired LinkedIn for more than $26 billion.
The company was also in the process of discontinuing product and engineering teams in China and the downsizing of corporate, sales, and marketing functions. Roslansky said that they will focus China strategy on assisting companies operating in China to hire, market and train abroad.
“As we plan for FY24, we’re expecting the macro environment to remain challenging. We’re adapting as we have done this year and will continue to operate with the ambition we need to deliver on our vision and the pragmatism required to run the business well,” said the CEO.
