Bilibili Lets Go Of 30% Staff As Slowdown Hurts Operations

  • 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.
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