LinkedIn, the social media platform for professionals worldwide, is reducing its workforce by 716 positions and discontinuing its jobs app in mainland China, according to a statement by the firm’s CEO Ryan Roslansky.
According to Roslansky, this move is part of the company’s effort to adapt to a rapidly evolving business landscape.
As the company looks to fiscal year 2024, it expects the environment to remain challenging, and will therefore manage expenses while investing in strategic growth areas.
In line with this move, LinkedIn will discontinue InCareer, its app for mainland China, by August 9th.
The CEO noted “fierce competition” and “a challenging macroeconomic climate,” as reasons for the shut down. However, he noted LinkedIn will continue to have some presence in China by offering services for companies operating there, such as hiring and training employees outside the country.
LinkedIn is the only remaining Western social media platform still operating in mainland China, as Twitter, Facebook, and Youtube have been banned in the country for over a decade, and Google departed in early 2010.
LinkedIn, which is owned by Microsoft, has joined other US tech firms that have made significant job cuts this year, including Meta and Amazon.
In March, Meta disclosed that they would implement another round of layoffs, cutting an additional 10,000 positions in addition to the mass layoffs announced in 2022. Similarly, Amazon announced that it would eliminate 9,000 jobs during the same month, following the 18,000 roles the company announced it was cutting in January.
