Tencent of China begins a new round of layoffs

Share This Post

  • Chinese tech giant Tencent Holdings has started laying off employees in its cloud, gaming, and video streaming divisions.

Three of Tencent’s six business units—Platform and Content (PCG), which includes video and news platforms; Interactive Entertainment (IEG), which concentrates on games; and Cloud and Smart Industry Group (CSIG)—will be affecte. Several of his IEG employees would be let go,  who claimed he learned of this last week.

Tencent declined to make a statement. The quantity of job losses was not known to Reuters. Government repression and COVID-zero restrictions that have slowed the country’s economy overall are still having an adverse effect on the country’s tech industry.

Tencent has already cut jobs earlier this year, along with rivals such as Alibaba Group Inc. and small Chinese tech companies such as Xiaohongshu. Tencent said in August that its employee count had fallen from 116,213 in March to 110,715 at the end of June.

The Shenzhen-based business wants to grow internationally in order to counteract China’s sluggish growth. Tencent has adjusted its M&A approach, concentrating mostly on acquiring control holdings in international gaming businesses. In recent weeks, hundreds of employees have also been let go by a number of US technological businesses, including Twitter, Intel Corp., and the parent company of Facebook, Meta Platforms.

When Tencent releases its third-quarter results on Wednesday, the analyst anticipates a flat or marginal decline. The management of Tencent has stated that it has shut down a number of non-core companies, including online education, e-commerce, and game streaming in order to save expenses.

Read More:

Partnership Between Mitsubishi Electric and Nozomi Networks Strengthens Operational Technology Security Business

Mitsubishi Electric and Nozomi Networks Partnership Mitsubishi Electric and Nozomi...

Solidion Technology Inc. Completes $3.85 Million Private Placement Transaction

**Summary:** 1. Solidion TechnologyInc. has announced a private placement deal...

Analyzing the Effects of the EU’s AI Act on Tech Companies in the UK

Breaking Down the Impact of the EU’s AI Act...

Tech in Agriculture: Roundtable Discusses Innovations on the Ranch

Summary of Tech on the Ranch Roundtable Discussion: ...

Are SMEs Prioritizing Tech Investments Over Security Measures?

SMEs Dive Into Tech Investments, But Are...

Spotify Introduces Music Videos for Premium Members in Chosen Markets

3 Summaries of Spotify Unveils Music Videos for Premium...

Shearwater to Monitor Production at Equinor’s Two Oil Platforms

Shearwater GeoServices secures 4D monitoring projects from Equinor for...

Regaining Europe’s Competitive Edge in Innovation: Addressing the Innovation Lag

Europe’s Innovation Lag: How Can We Regain Our Competitive...

Related Posts

Government Warns of AI-Generated Content: Learn More about the Issue

Government issued an advisory on AI-generated content. All AI-generated content...

Africa Faces Internet Crisis: Extensive Outage Expected to Last for Months, Hardest-Hit Nations Identified

Africa’s Internet Crisis: Massive Outage Could Last Months, These...

FTC Investigates Reddit for AI Content Licensing Practices

FTC is investigating Reddit's plans...

Journalists Criticize AI Hype in Media

Summary Journalists are contributing to the hype and...