China Business Network (CBN) recently reported that Microsoft’s workplace social media network, LinkedIn, just announced layoffs and that it will shut down its job-seeking application service in China. The company further said it plans to cut 716 jobs as demand fluctuates. It is worth noting that LinkedIn continues to downsize its business in China. The company decided to withdraw most of its Chinese business in 2021, and it shifted its business focus in China to meet the needs of job hunting and recruitment, and no longer produce content. After the latest business adjustment, LinkedIn said that, due to fierce competition and a challenging macroeconomic environment, it will take its only remaining application InCareers offline on August 9. However, a company spokesperson said LinkedIn would maintain a presence in China to help companies with operations in China recruit and train workers abroad. LinkedIn CEO Ryan Roslansky said in a letter to employees, that the company will be offloading more work to external partners in the future, who will then take on some of LinkedIn’s current work. The company also said the move to cut positions in sales, operations and support teams is aimed at simplifying the company’s operations and will move towards a more flattened management structure for faster decision-making. Microsoft acquired LinkedIn in 2016 for an estimated US$26 billion. According to Microsoft CEO Nadella previously revealed that, in 2021, LinkedIn’s global annual revenue was about US$10 billion.
Source: CBN, May 9, 2023
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