Professional networking platform, LinkedIn, announced on Thursday that it will be laying off 716 employees worldwide as it “streamlines operations” in response to the economic impact of the COVID-19 pandemic. The layoffs represent approximately 6% of LinkedIn’s global workforce and come as part of a broader restructuring effort aimed at reducing costs.
In addition to the layoffs, LinkedIn also announced that it will be exiting the Chinese market, citing a “challenging operating environment” as the reason for its decision. LinkedIn’s China service, which was launched in 2014, has struggled to gain traction in a market dominated by local players such as WeChat and Tencent.
The company’s decision to exit the Chinese market comes just weeks after Microsoft, LinkedIn’s parent company, announced that it would be closing its retail stores around the world, including all of its locations in China.
LinkedIn’s restructuring efforts are aimed at helping the company weather the economic impact of the COVID-19 pandemic, which has caused a significant slowdown in hiring and recruitment across many industries. By reducing costs and streamlining operations, LinkedIn hopes to emerge from the pandemic in a stronger position.
Despite the layoffs and the exit from the Chinese market, LinkedIn remains optimistic about its future. In a statement, the company said that it is “confident in our ability to continue to innovate and serve our members and customers as we navigate the evolving COVID-19 landscape and the accelerating digital transformation of our economy.”
In conclusion, LinkedIn’s decision to lay off 716 employees and exit the Chinese market reflects the challenges faced by the company in the wake of the COVID-19 pandemic. However, the company remains committed to its mission of connecting professionals around the world and is taking steps to emerge from the pandemic in a stronger position.
