LinkedIn has announced it is shutting down its jobs app in mainland China while cutting 716 jobs.
The world’s largest social media platform for professionals said the decision was made amid shifts in customer behavior and slower revenue growth, CEO Ryan Roslansky said in a letter to employees.
“As we guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization and our China strategy that will result in a reduction of roles for 716 employees,” he said.
“As we plan for [the fiscal year of 2024], we’re expecting the macro environment to remain challenging,” Roslansky said. “We will continue to manage our expenses as we invest in strategic growth areas.”
As part of the move, LinkedIn will phase out InCareer, its app for mainland China, by August 9.
Roslansky cited “fierce competition” and “a challenging macroeconomic climate” as the reason for the shutdown.
LinkedIn will retain some presence in China, including providing services for companies operating there to hire and train employees outside the country, according to a company spokesperson.