News Karnataka
Friday, March 29 2024
Cricket
Business News

LinkedIn lays off 716 employees, exits China market

LinkedIn rolls out new AI-powered experience to Premium users
Photo Credit : IANS

New Delhi: Microsoft-owned LinkedIn has laid off 716 employees, as the company makes changes to its Global Business Organisation (GBO) and exits the China market.

The company’s CEO Ryan Roslansky 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 landscape, we are making changes to our Global Business Organization (GBO) and our China strategy that will result in a reduction of roles for 716 employees,” he wrote late on Monday.

“If your role is directly impacted by this decision, you will receive a calendar invitation within the next hour for a meeting with a leader from your team and a representative from our GTO,” he added.

He admitted 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 behaviour and slower revenue growth”.

“In an evolving market, we must continuously have the conviction to adapt our strategy in order to make our vision a reality,” said the CEO.

LinkedIn saw record engagement in the March quarter as more than 930 million members globally now turn to the professional social network to connect, learn, sell and get hired.

The LinkedIn revenue increased 8 per cent in the March quarter for the tech giant. In 2016, Microsoft acquired LinkedIn for more than $26 billion.

The company was also in the process of discontinuing product and engineering teams in China and the downsizing of corporate, sales, and marketing functions.

Roslansky said that they will focus China strategy on assisting companies operating in China to hire, market and train abroad.

“As we plan for FY24, we’re expecting the macro environment to remain challenging. We’re adapting as we have done this year and will continue to operate with the ambition we need to deliver on our vision and the pragmatism required to run the business well,” said the CEO.

Read more:

LinkedIn denies alleged data breach targeting 700 mn users

Microsoft rejigs LinkedIn to be full-on video meet platform

Most Indians aim to somehow retain jobs to remain confident: LinkedIn

Media, IT professionals think worse coming in next 6 months: LinkedIn

46% drop in hiring at Microsoft, only 3 jobs openings at LinkedIn

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp