LinkedIn, owned by Microsoft, has lays off 716 employees as part of its Global Business Organization restructuring.
In an email to employees, CEO Ryan Roslansky said the move would streamline the company’s operations.
On Monday, he wrote: “In order to guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization and our China strategy, which will result in a reduction of 716 jobs.
Within the next hour, you will receive an invitation to meet with a leader from your team and a representative from our GTO if your role is directly affected by this decision.
In addition to creating economic opportunities for its members and customers and experiencing record engagement, the platform is also experiencing shifts in customer behavior and slower revenue growth.
“To achieve our vision in an evolving market, we must continuously adapt our strategy,” said the CEO.
As more than 930 million members around the world now use LinkedIn to connect, learn, sell and get hired, the professional social network saw record engagement in the March quarter.
LinkedIn’s revenue increased 8 percent in the March quarter. Microsoft acquired LinkedIn in 2016 for more than $26 billion.
As well as discontinuing product and engineering teams in China, corporate, sales, and marketing functions were being downsized.
According to Roslansky, the China strategy aims to help Chinese companies hire, market, and train overseas.
We expect the macro environment to remain challenging in FY24. We will continue to operate with the ambition we need to deliver our vision and the pragmatism required to run the business well, said the CEO.
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