Professional networking platform LinkedIn has announced more than 700 workers will be laid off. It also plans to wind down its app in China.
It becomes the latest tech firm to announce plans to downsize its workforce. LinkedIn blamed "shifts in customer behaviour and slower revenue growth" for the cuts, which it announced in a blogpost late on Monday.
Technology companies have resorted to recurring waves of layoffs over the past year, in a new phenomenon to hit the industry that reverses more than a decade of mostly unbridled growth. LinkedIn, which is owned by Microsoft, indicated that the net number of job losses could be less than 500.
As part of its strategic shake-up, LinkedIn said it will be "opening up more than 250 new roles" in parts of its operations team as well as new business and account management teams starting on May 15. It said it will also shut down its local jobs app for China, InCareer, by August, citing "fierce competition and a challenging macroeconomic climate."
InCareer was launched in 2021 as a jobs board that did not include a social feed or or the ability to share posts or articles. It replaced the Chinese version of LinkedIn's website, which the company closed as Beijing cracked down on the internet sector.
