According to online testimonials from workers who were laid off, the staff at Tencent Holdings’ Fanbyte, a news and entertainment division with a gaming concentration, has seen an unexpected wave of layoffs.
Both Danielle Riendeau, the organization’s editor-in-chief, and John Warren, the head of media at Fanbyte, were let go during the round of layoffs. Employees are still determining who has been fired from the firm and who has been retained, according to features editor Elise Favis, who was also affected by the recent layoffs.
As of this writing, Fanbyte has not yet released a statement on the subject.
The round of layoffs follows Tencent’s disclosure that revenues decreased by 3% from the same quarter a year earlier in its results announcement for the second quarter. Since going public in 2014, the development represented Tencent’s first revenue loss.
The company stated in the results statement that it will concentrate on increasing operational effectiveness and developing new income streams.
Additionally, Tencent has lately taken steps to increase its gaming presence outside of China. This involves increasing its investment in Assassin’s Creed publisher Ubisoft and buying shares from Elden Ring producer FromSoftware.
