Professional networking platform LinkedIn says it's laying off more than 700 workers and shuttering its China jobs app, in the latest round of tech industry downsizing.
LinkedIn blamed “shifts in customer behavior and slower revenue growth” for the cuts, which it announced in a blogpost late Monday.
Technology companies have resorted to recurring waves of layoffs over the past year, in new phenomenon to hit the industry that reverses more than a decade of mostly unbridled growth.
LinkedIn, which is owned by Microsoft, indicated that the net number of job losses could be less than 500.
As part of its strategic shakeup, LinkedIn said it would be “opening up more than 250 new roles” in parts of its operations team as well as new business and account management teams starting on May 15.
LinkedIn said it will also shut down its local jobs app for China, InCareer, by August, citing “fierce competition and a challenging macroeconomic climate.”
InCareer was launched in 2021 as a jobs board that didn't include a social feed or or the ability to share posts or articles. It replaced the Chinese version of LinkedIn's website, which the company closed as Beijing cracked down on the internet sector.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
AI is transforming industries and raising ethical questions. UCLA Professor Hal Hershfield discusses "Your Future Self" and AI's impact on psychology and media.
