11.3 C
London
Thursday, February 2, 2023

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

Must read

Harry Treadaway’s Biography – Girlfriend, Height, Net Worth

Known from moviesCity of Ember (2008)as Doon HarrowControl (2007)as Steve MorrisAquarium (2009)as BillyThe Lonely Ranger (2013)as FrankShort informationFactTreadaway attended Queen...

Is Martin Short Gay? Why did he kiss Steve Martin? Know the truth

Is Martin Short Gay? Why did he kiss Steve Martin?...

Freightify secures $12 million Series A financing from Sequoia Capital, others

The round also saw participation from TMV and Alteria Capital and previous investors Nordic Eye venture capital and Movement companies.The SaaS freight rate management...

Kenny Omega gay? What is Golden Lovers? Know the sexuality of former AEW champion

Kenny Omega gay? What is Golden Lovers? Know the...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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.”


ALSO SEE :

Center to form panel to seek opinions on adopting universal charger model

Netflix does not allow you to watch movies and shows offline in the ad-supported tier

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Harry Treadaway’s Biography – Girlfriend, Height, Net Worth

Known from moviesCity of Ember (2008)as Doon HarrowControl (2007)as Steve MorrisAquarium (2009)as BillyThe Lonely Ranger (2013)as FrankShort informationFactTreadaway attended Queen...

Is Martin Short Gay? Why did he kiss Steve Martin? Know the truth

Is Martin Short Gay? Why did he kiss Steve Martin?...

Freightify secures $12 million Series A financing from Sequoia Capital, others

The round also saw participation from TMV and Alteria Capital and previous investors Nordic Eye venture capital and Movement companies.The SaaS freight rate management...

Kenny Omega gay? What is Golden Lovers? Know the sexuality of former AEW champion

Kenny Omega gay? What is Golden Lovers? Know the...

Adani Enterprises withdraws RHP, cancels agreements with various parties

The move follows the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on grant offerDue to the extreme volatility of...