LinkedIn announces job cuts
Popular business social networking service LinkedIn has announced that they are cutting 10% of their staff.
This is a latest signal that even silicon valley companies are affected by the current economic crises.
LinkedIn announced that they are eliminating 36 positions in the company. The aim is to focus now on services which generate revenues.
LinkedIn said that the job cut is to ensure that they remain cash-flow positive. The service generate revenues from premium subscription, advertising, paid job postings, recruiting services.
They are also taking other steps to cut expenses.
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