In an email to employees, LinkedIn CEO Ryan Roslansky said the move was aimed at streamlining the company’s operations.
Posted Date – Tue, 09 May 23 at 11:00am
New Delhi: LinkedIn, which is owned by Microsoft, has cut 716 jobs as it overhauls its global business organization (GBO) and exits the Chinese market.
The company’s chief executive, Ryan Rothlansky, said in an email to employees that the move was aimed at streamlining the company’s operations. “As we guide LinkedIn through this rapidly changing environment, we are making changes to our Global Business Organization (GBO) and our China strategy that will eliminate 716 employee positions,” he wrote late Monday.
“If your role is directly affected by this decision, you will receive a calendar invitation within the next hour to meet with your team leader and a representative of our GTO,” he added.
He acknowledged that while the platform is making meaningful progress creating economic opportunities for its members and customers and experiencing record engagement on the platform, “we’re also seeing shifts in customer behavior and slower revenue growth”. “In an evolving market, we must continually adapt our strategy to make our vision a reality,” said the CEO.
Engagement on LinkedIn hit an all-time high in the March quarter, with more than 930 million members worldwide now turning to the professional social network to connect, learn, sell and find jobs. The tech giant’s LinkedIn revenue rose 8% in the March quarter. In 2016, Microsoft acquired LinkedIn for more than $26 billion.
The company is also terminating product and engineering teams in China and scaling back corporate, sales and marketing functions. Roslansky said that they will focus their China strategy on assisting companies operating in China to recruit, market and train overseas.
“As we plan for FY24, we expect the macro environment to remain challenging. As we have done this year, we are adapting and will continue to do so with the ambition needed to deliver our vision and the level of well-run business Operate with pragmatism,” the CEO said.
