Bilibili Lets Go Of 30% Staff As Slowdown Hurts Operations

Loading...
Loading...
  • Chinese video platform Bilibili Inc BILI initiated a new round of layoffs involving the firm's operations, gaming, and streaming units. 
  • Bilibili ousted 30% of the staff in these teams, Technode reports.
  • Bilibili said the downsizing reflected business adjustments and denied the plan for large-scale cuts. 
  • Bilibili offered laid-off employees an "N(working years)+2" compensation package. 
  • The layoffs at the end of the year prevented employees from receiving a year-end bonus that would generally be equivalent to three months' salary.
  • In December, China relaxed its strict Covid policy following a collective outcry from people across China.
  • More than 20 cities, including the major metropolises of Beijing, Shanghai, Shenzhen, Wuhan, and Chengdu, scrapped the requirements for negative Covid tests on public transport. 
  • Leading Apple Inc AAPL iPhone assembler Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn, was instrumental in persuading China to ease its Covid-19 policies.
  • Foxconn founder Terry Gou's letter to Chinese leaders warned against its strict Covid controls costing China's leadership in global supply chains.
  • Price Action: BILI shares traded higher by 8.50% at $25.14 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoversTechMediaTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...