LinkedIn cuts over 700 jobs, phases out China app as demand wavers

LinkedIn, the social media network owned by Microsoft Corp (MSFT.O) that focuses on business professionals, said on Monday it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.

LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers amid a weakening global economic outlook.

In the past six months, more than 270,000 tech jobs globally have been cut, according to Layoffs.fyi, which has been tracking the fallout.

LinkedIn makes money through ad sales and also by charging for subscriptions to recruiting and sales professionals who use the network to find prospects.

In a letter to employees, LinkedIn CEO Ryan Roslansky said the move to cut roles in its sales, operations and support teams was aimed at streamlining the company’s operations and would remove layers to help make quicker decisions.

This report’s information was first seen on REUTERS; to read more, click this link.