- Tencent ( OTCPK:TCEHY ) has reportedly begun a new round of lay offs across its video streaming, gaming and cloud businesses, Reuters reported on Tuesday.
- The news outlet, citing four sources close to the matter, said the layoffs affect three out of Tencent's ( OTCPK:TCEHY ) six business divisions - platform and content, gaming-focused interactive entertainment department and cloud and smart industries group.
- The scale of the job cuts is currently unknown.
- Tencent's ( OTCPK:TCEHY ) headcount fell from 116,213 in March to 110,715 by the end of June.
- The Chinese tech company already cut jobs earlier this year as part of cost cutting measures. It has also shuttered non-core businesses in certain areas, including online education, e-commerce and game live-streaming.
- Several U.S. tech firms, including Facebook parent Meta Platforms ( META ), Intel ( INTC ) and Twitter have also laid off thousands of workers in recent weeks.
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Tencent reportedly begins new round of layoffs