LinkedIn is culling over 700 jobs and closing its local app in China, blaming a slump in consumer demand and turbulent market conditions.
In an email to LinkedIn employees, Ryan Roslanksy, LinkedIn chief executive. said the changes would be made in order to shake up the business, which is being hit by slower revenue growth.
He added: “With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors.”
The chief executive said 250 new roles would also be created.
LinkedIn is the latest tech platform to cut jobs. The sector has implemented rigorous cost-cutting measures amid a turbulent period of low growth, inflationary pressure and blow to advertising revenues.
LinkedIn latest tech giant to cut jobs
In China, Roslansky said LinkedIn would retain a presence to assist companies operating in China to hire talent abroad, but its local app, InCareer, would be phased out by August 9.
He added: “Though InCareer experienced some success in the past year thanks to our strong China-based team, it also encountered fierce competition and a challenging macroeconomic climate.”
LinkedIn started withdrawing from China in October 2021, when it closed its social networking site and replaced it with a localised app, citing a tough regulatory environment.