Professional networking site LinkedIn, which recently announced that it had raised an additional $22.7 million in funds, has said that it will cut 10 percent of its workforce, or approximately 36 jobs.
The layoffs are part of a restructuring to focus on its revenue-producing businesses. The company added that some of these people will be reassigned to new roles, although they didn’t specify how many.
The restructuring comes on the heels of the addition of third-party applications that aid in file-sharing and presentations to the site. Last month the site also unveiled a new developer platform.
Techcrunch said that the cuts were most likely prompted by investors like Sequoia who have been encouraging their portfolio companies to cut costs since the economy began tanking.
LinkedIn is valued at $1 billion and has approximately 30 million members. The average user on the site is in their 40s and makes over $100K annually.
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November 6th, 2008 at 12:59 pm
Why has there been no mention of the job cuts at Jobing.com? Their most recent cutbacks are more than 15% and over the past six months is closer to 30-40%. Jobing.com is a shell of what it used to be. Is the model broken? How come we haven’t heard anything on this site which gives information about any company operating in the Recruitment space?
November 9th, 2008 at 6:12 pm
The reason is because Joel Cheeseman is friends with Aaron. It was Jobing that provided Joel his free booth at this years SHRM conference in Chicago.
Come on Joel – you know that losing 30-40 percent of their workforce is news.