TechCrunch Summary (2023-05-08 10PM)

Source: LinkedIn cuts 716 jobs as it phases out its China app

Summary
Professional networking site LinkedIn is reducing its workforce by 716 people and phasing out its InCareer app in China. The decision to close down the app is due to “fierce competition and a challenging macroeconomic climate,” says CEO Ryan Roslanky. The company also plans to open some 250 new roles across its operations and develop business and accounting-management team from May 15.

Fact

💼 LinkedIn is reducing its workforce by 716 people and phasing out its InCareer app in China.

💼 LinkedIn plans to close the InCareer app by August 9, while shifting its China strategy to help companies operating in China hire, market and train abroad.

💼 The parent company, Microsoft, cut nearly 5% of its global workforce in January.

💼 LinkedIn’s China app, InCareer, was up against dominant site Maimai with over 120 million users.

💼 Laid-off workers will receive severance pay and continuing health coverage and career transition services.

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