After laying off 5,500 employees in the previous quarter, Chinese internet giant Tencent slashed 1,879 employees in the third quarter of this year, according to the South China Morning Post.
According to reports, the company’s video streaming, cloud computing, and gaming divisions all saw workforce reductions. Since April, there have apparently been two rounds of layoffs at the latter two companies.
The business has eliminated a total of 7,377 jobs since its employment peaked in the first quarter of 2022.
At the end of September, the company still had 108,836 employees, a 1.7% increase over the same period the previous year.
This year, Tencent has experienced a variety of issues: The company’s shares dropped to their lowest level in years, it continued to be targeted by the Chinese government’s recent crackdowns, and it reported its first revenue decline since going public in 2004.
It appears that global tech behemoths have experienced the same things, though. Meta has cut 11,000 jobs, Amazon plans to lay off 10,000 employees, and Twitter has let go “nearly half” of its workforce.
