LinkedIn lays off tenth of workforce
Published: 06 Nov 2008 11:15 GMT
Business-focused social-networking site LinkedIn announced on Wednesday that it is cutting 10 percent of its workforce, or about 36 jobs, as part of a restructuring to focus on its revenue-producing businesses.
Company representatives did not immediately respond to requests for comment.
The layoffs follow LinkedIn's announcement last month that it had raised an additional $22.7m (£14.2m) in funding from Goldman Sachs, SAP, McGraw-Hill and long-time investor Bessemer Venture Partners.
The latest round followed a $53m series D funding round in June that gave LinkedIn a valuation of $1bn. The latest round of funding brings the total funds raised to just over $100m.
The job cuts also come on the heels of last week's unveiling of LinkedIn's new developer platform, as well as third-party apps that aid in trip-tracking, file-sharing and presentations.
The site, which claims about 30 million members, is small in comparison with social-networking sites Facebook and MySpace. However, the average LinkedIn member is 41 years old and earns about $110,000 a year.
Its white-collar focus — billionaire Bill Gates is proud of his profile — means that LinkedIn can attract premium advertisers and charge a substantial amount for adverts — reportedly $75 per thousand impressions.
Credit: LinkedIn cuts 10 percent of its workforce from CNET News
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