Tencent reportedly begins new

2022-11-19

Tencent reportedly begins new round of layoffs

Tencent $TENCENT(00700)$ has reportedly begun a new round of layoffs across its video streaming, gaming and cloud businesses, Reuters reported.

The news outlet, citing four sources close to the matter, said the layoffs affect three out of Tencent's 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 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.

Which company will Tencent divest next?

Yesterday, $TENCENT(00700)$ announced a plan to distribute $20 billion of stock in meal delivery giant $Meituan(03690)$ in dividend. A year ago, Tencent distributed $JD-SW(09618)$ in the same way. Market worries about further divestments from its significant holdings of Chinese tech shares. Tencent is important shareholder of these head enterprises: PDD, $KUAISHOU-W(01024)$, $BILIBILI-W(09626)$. ---- [TOPIC] Which company will be divested next? Are you bullish on Tencent?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

hd87
2022-11-20
hd87
Thanks for sharing
tamira
2022-11-19
tamira
Thanks for sharing
Darren77
2022-11-19
Darren77
Thanks for sharing!
Heistheone
2022-11-19
Heistheone
Thanks for sharing
Taylee
2022-11-19
Taylee
👍
Nicholas854
2022-11-19
Nicholas854
😁

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