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Massive Layoffs At Tencent Continue, Spilling Over To Gaming And Fintech Departments

Tencent’s underwhelming first quarter (down 23% on the previous year) has led to another massive round of layoffs in the company, which has now expanded into new, previously un-touched departments. According to Chinese media outlet Caijing, Tencent is focusing on reducing the headcount in the sectors of cloud computing, gaming, advertising, and content.

Tencent’s gaming sector has been amongst the hardest hit, reportedly seeing 10% of its workforce let go, and unfortunately, it does not appear that the tech giant’s “great layoff” is close to over.

Sources at the company say that “the layoffs are due to the pressures of business performance,” which has come against the backdrop of a slowing Chinese economy, widespread regulatory crackdowns in the tech sector, and a general disconnect between the Chinese government and the gaming industry (which included a seven-month pause in issuing new game licenses).

Despite their financial woes and current mass exodus, Tencent has assured folks that it plans to hire back even more staff than it has dismissed. Interestingly, according to financial reports, the company employee count has actually increased 3% in the first quarter of 2022.

(All information was provided by TechNode)

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