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Tencent lays off 5.5K employees as sales fall for the first time since IPO

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Chinese conglomerate Tencent has laid off 5,500 employees, after revenue of $19.8 billion in the June quarter, a 3 percent drop, the first decline since its IPO.



China’s largest video game and social media company cut nearly 5,500 employees from its payroll in the second quarter amid a slowing economy. South China Morning Mail.

Tencent has its labor force for the first time since 2014, reducing the number of employees to 110,715 at the end of June, from 116,213 in March, the company said.

“During the second quarter, we actively parted ways with non-core businesses, tightened our marketing spend and reduced operating expenses, enabling us to sequentially increase our non-IFRS revenues despite challenging revenue conditions,” said Pony Ma Huateng, Founder and CEO from Tencent.

Net income reached 18 billion yuan in the period, down 56 percent from a year ago, excluding analyst estimates of 25 billion yuan.

Reports have also surfaced that Tencent is considering selling some or all of its 17 percent stake Meituanone of China’s largest food delivery companies.

However, the company denied the news during Wednesday’s earnings call.

Video game sales domestically and globally both declined.

The company attributed the poor performance to “fewer major game releases, lower user spend, and the implementation of minor protections.”


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