LinkedIn is a social media platform with a business and employment focus. Unlike other social media platforms that emphasize personal connections and sharing of personal information, LinkedIn is primarily used for professional networking and career development.
LinkedIn was founded in 2003, and as of March 2023, it boasts of more than 900 million registered members from over 200 countries.
According to LinkedIn Pressroom, CEO Ryan Roslansky announced the lay off that would affect 716 employees and shut down its jobs app in China. The decision was reportedly made due to the changes in customer behaviour and slower revenue growth.
The company is phasing out its jobs app, InCareer, that was created in line with the regulations in China by August 9th, due to rising local competition and a challenging macroeconomic climate. This move highlights the difficulties that foreign companies face in China’s regulated and competitive market. In the letter to employees, Ryan stated, “As we guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization and our China strategy”.