By Chris Snyder WIRED Magazine
LinkedIn said it will eliminate 36 positions, or 10 percent of its workforce, as part of a restructuring effort to focus on businesses that are generating revenue, reports Reuters.
A spokesperson with the career-based social networking site told Reuters that the cuts are preemptive to make sure the company remains cash-flow positive, and that the decision was made by management, not investors.
One of its backers, Sequoia Capital, recently gave its portfolio companies a pessimistic presentation on cost cutting and how the economy will affect Silicon Valley.
LinkedIn has been doing well in bringing in new users during the economic downturn, and even raised another $22.7 million a few weeks ago.