LinkedIn Cuts 700 Jobs Amid Global Economic Crisis

Image: CNA

LinkedIn, the Microsoft Corp owned social media network aimed at helping professionals, said on Monday that it is firing its 716 employees as demand wavers.

The social media app also announced to shut down its job app focused on China.

LinkedIn with over 20,000 employees onboard showed revenue throughout the last year. However, like other IT companies in the industry, it is now laying off employees due to the current global economic Crisis.

In the last 6 months, over 270,000 IT jobs have been cut globally, as quoted by Layoffs.fyi.

LinkedIn’s revenue is linked with ads and subscriptions to sales and recruiting professionals.

LinkedIn CEO Ryan Roslansky said, “With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors.”

About the Chinese app, LinkedIn said that InCareers will be phased out by Aug. 9. The company also added, “Despite our initial progress, InCareer faced fierce competition and a challenging macroeconomic climate, which ultimately led us to the decision of discontinuing the service.“