LinkedIn, a social media company for professionals that owned by Microsoftannounced yesterday Monday that will cut 716 jobsciting a decrease in demand, as well as the fact that will close its dedicated website for professionals in China.

LinkedIn, which has about 20,000 employeesreported revenue growth in all quarters of last year, but follows in the footsteps of several other technology and digital services big names, including its parent company, by announcing layoffs amid a worsening global economic outlook.

Over the past six months, over 270,000 jobs were eliminated in the technology sector on a global scale, according to the specialized website Layoffs.fyi.

LinkedIn guarantees advertising revenue and subscription fees so that recruitment procedures, attraction of talents from companies are possible.

In a letter to employees, CEO Ryan Roslansky said the decision to abolish positions in sales, operations and support is aimed at streamlining production equipment and eliminating intermediate stages in decision making.

The changes to the company, including the use of outside suppliers, will eventually create 250 jobs, he said, which could be filled by some workers whose positions are being cut.

take it away InCareers

In addition, LinkedIn announced that it will be phasing out its Chinese InCareers app, which will end on August 9, citing “tough competition” and a “macroeconomic climate.”

Most layoffs were made by large technology companies, including 27,000 on Amazon — the most since its inception — 21,000 on Meta (Facebook, Instagram), 12,000 on Alphabet (Google, YouTube) and 10,000 on Microsoft, parent company LinkedIn.

Even before LinkedIn’s announcement in May, 5,000 tech jobs had been cut, according to Layoffs.fyi.

LinkedIn, founded in 2003, was acquired by Microsoft in 2016 for approximately $26 billion.

Source: APE-Reuters.