LinkedIn announced in a memo that it will lay off 716 workers and phase out its China-specific jobs app, InCareer. The job cuts will affect approximately 3.5% of the company's 20,000-person global workforce.: - LinkedIn introduced InCareer in December 2021, shortly after discontinuing its localized LinkedIn app in China.
- The app's shutdown was attributed to stiff competition and unfavorable macroeconomic conditions. InCareer will now delete all user data by August 9.
- LinkedIn will still operate its Learning, Marketing, and Talent businesses in China. It's changing its approach in China to help companies there recruit and train foreign workers.
- Despite the changes in its strategy, the company intends to start hiring for over 250 positions from next week, primarily in the operations, new business, and account management sectors.
- According to parent company Microsoft's earnings report, LinkedIn's revenue increased by 8% year over year to $3.7B in Q3 2023.
- Despite the uptick, LinkedIn CEO Ryan Roslansky said the company will continue to “manage expenses” in the coming year.
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