World’s largest social media platform for professionals, LinkedIn, has disclosed plans to cut 716 positions across the globe.
The company further disclosed that it would shut down its jobs app in mainland China.
Ryan Roslansky, Chief Executive Officer of the company, explained that despite the growth of the company globally, the company had been experiencing shifts in customer behaviour and slower revenue growth.
He made this known in a letter on Monday titled ‘A message from LinkedIn’s CEO’ addressed to employees of the platform.
“Over the years we’ve had to make hard decisions to ensure we were setting the company up to deliver on our vision, and I’m sharing one of those decisions today.
“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.
“Our colleagues who are impacted by this announcement have all made invaluable contributions to our company.
“I want to recognize the impact this decision has on the lives of those individuals. And I want all of you to know that the entire leadership team and I are dedicated to helping our colleagues during this transition and ensuring that they are treated with the care and respect they deserve,” he said.
Roslansky added that, “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 Global Talent Organisation”
The announcement of job cuts comes after a series of reports that suggest LinkedIn’s revenue has been declining, despite a significant increase in user numbers.
The company has previously reported revenue growth of 25% in the first quarter of 2021, but this has slowed to 16% in the second quarter.
LinkedIn has also confirmed that it will be closing its jobs app in mainland China, where it has been operating since 2014.