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- Tencent Holding Ltd (OTC:TCEHY) has begun a new round of job cuts targeted at its video streaming, gaming, and cloud businesses, Reuters reports.
- The layoffs affected three out of Tencent's six business divisions, namely, platform and content (PCG), which comprises its video and news platforms, its gaming-focused interactive entertainment department (IEG), and cloud and smart industries group (CSIG).
- Tencent informed some staff in IEG regarding their layoff last week.
- Also Read: Alibaba Tops China's Cloud Market List; Scores Brownie Points With Overseas Expansion
- Tencent already cut jobs earlier this year, alongside peers, including Alibaba Group Holding Limited (NYSE:BABA) and smaller Chinese tech companies like Xiaohongshu.
- In August, Tencent disclosed its employee numbers fell to 110,715 by the end of June from 116,213 in March.
- Tencent eyed global expansion to offset slowing growth in China.
- China's technology sector continues to battle the repercussions of regulatory crackdowns and zero-COVID measures that have slowed the broader economy.
- Tencent voiced its focus on cutting costs and shutting down non-core businesses in certain areas, including online education, e-commerce, and game live-streaming.
- Price Action: TCEHY shares traded 10.9% higher at $37.06 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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