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Friday, December 9, 2022

Tencent Begins Laying Off Employees from Its Gaming and Video Streaming Divisions

The move comes as a regulatory crackdown and zero-COVID measures continue to affect China's technology sector

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Aditya Saikrishna
Aditya Saikrishna
I am 21 years old and an avid Motorsports enthusiast.

UNITED STATES: Tencent Holdings has announced a second round of layoffs in the company’s gaming and video streaming departments. The announcement came after Meta and Twitter terminated the services of a sizeable portion of their workforce earlier this month.

Tencent previously laid off employees in August this year. According to reports from media sources, the video streaming, gaming, and cloud businesses are the ones undergoing the layoffs.

The number of people affected by the current layoffs is unknown. The company had previously laid off close to 5,500 workers.

According to the report, Tencent has resumed staff reductions. The layoffs, as mentioned earlier, will affect three of Tencent’s six business divisions: cloud and smart industries group (CSIG), which focuses on gaming, platform, and content (PCG), which includes its video and news platforms, and gaming-focused interactive entertainment department (IEG).

A portion of the staff at IEG was educated about the cutbacks last month.

In August, Tencent made the first round of job cuts. The cost-cutting methods employed by the company triggered the first round of layoffs. 

Tencent announced in August that its employees had decreased from 116,213 in March to 110,715 by the end of June. But Tencent hasn’t said anything about the latest round of layoffs.

The tech industry has grappled with layoffs in recent times. Meta and Twitter both laid off approximately 11,000 employees about a week ago. The tech giant Amazon recently decided to lay off approximately 10,000 workers.

According to a report by an American media outlet, Amazon is about to carry out its largest-ever round of layoffs.

The company’s retail division and human resources department will be affected by the layoff by the e-commerce giant. 

Nearly 10,000 people, which form up to 3% of Amazon’s corporate employees and 1% of the global workforce, maybe let go by the company. 

The senior vice president of Amazon, Beth Galetti, wrote in a post that the company would lay off its employees for the next few months.

The company will monitor its economic and business conditions and adjust the layoffs accordingly.

Also Read: Tencent Music to Start Next Week with a Hong Kong Listing Via Introduction

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