KEY POINTS
LinkedIn has announced plans to cut 716 roles out of its global workforce of 20,000 employees and shut down its jobs app in mainland China.
The layoffs will result in the creation of 250 new jobs in specific segments of operations, new business, and account management teams starting May 15.
LinkedIn first began operations in China in 2014 with a local version of its main app and will phase out InCareer, its app for China, by Aug. 9.
Microsoft-owned LinkedIn CEO Ryan Roslansky cited shifts in customer behavior and declining revenue growth as the reason behind the layoffs.
U.S.-based employees affected by the layoffs would be offered severance pay, continuing health coverage, and career transition services, and those outside the country will get the stimulus depending on their countries’ provisions.
LinkedIn is reportedly the last major U.S.-based social media giant still operating in China.
Meanwhile, more than 270,000 tech jobs have been reduced by different tech companies in the past six months, as per data collected by Layoffs.fyi.