LinkedIn CEO Ryan Roslansky wrote in an email to employees that this move was aimed at streamlining the company’s operations. Roslansky added that LinkedIn is making meaningful progress creating economic opportunities for its members and customers but also experiencing slower revenue growth. The platform saw record engagement in the March quarter with more than 930 million members worldwide using the platform to connect, learn, sell, and get hired.
Changes to the company’s Global Business Organization (GBO) and China strategy led to this layoff. The company is also discontinuing product and engineering teams in China and downsizing corporate, sales, and marketing functions. The CEO confirmed that LinkedIn’s China strategy would focus on helping Chinese companies operating abroad with hiring, marketing, and training. In 2016, Microsoft acquired LinkedIn for over $26 billion. Despite revenue growth in the March quarter, LinkedIn experienced slower revenue growth and shifts in customer behavior.
Microsoft-owned LinkedIn streamlines operations by laying off employees and shutting down app in China
LinkedIn, a social network for professionals owned by Microsoft, has laid off 716 employees as part of changes to its Global Business Organisation (GBO). In addition, LinkedIn has also shut down its InCareer app in China. The move is part of the company’s efforts to streamline its operations and adapt to changing market conditions.
CEO Ryan Roslansky cites need to adapt to changing market conditions
In an email to employees, LinkedIn CEO Ryan Roslansky said that the changes were necessary to adapt to the rapidly changing landscape of the market. Roslansky acknowledged that the company was making progress in creating economic opportunities for its members and customers and was experiencing record engagement on the platform. However, he also noted that the company was seeing shifts in customer behavior and slower revenue growth. Roslansky emphasized the need for the company to adapt its strategy to make its vision a reality.
LinkedIn records record engagement in March quarter with over 930 million members
Despite the changes, LinkedIn recorded record engagement in the March quarter, with more than 930 million members worldwide using the platform to connect, learn, sell, and get hired. The revenue of LinkedIn increased by 8% in the March quarter for Microsoft.
Microsoft acquired LinkedIn for over $26 billion in 2016
Microsoft acquired LinkedIn for more than $26 billion in 2016. The company was also in the process of discontinuing product and engineering teams in China and downsizing corporate, sales, and marketing functions. Roslansky said that the company would focus its China strategy on assisting companies operating in China to hire, market, and train abroad. As the company plans for FY24, Roslansky expects the macro environment to remain challenging, but LinkedIn will continue to operate with ambition to deliver on its vision and pragmatism required to run the business well.
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