Tencent, Other Chinese Companies Follow Western Counterparts In Laying off Staff As Economic Slowdown Weighs

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Chinese tech giants like Tencent Holding Ltd (OTC: TCEHY) and TikTok parent ByteDance Ltd implemented fresh layoffs affecting thousands of employees in their latest round of cost-cutting, the Wall Street Journal reports.

The job cuts added on to the tens of thousands of employees already axed by Chinese internet companies since late 2021 after the domestic regulatory crackdown crushed the sector.

Latest layoffs have extended to the companies' core businesses following China's stringent Covid lockdown as opposed to the previous ones, which ...

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Author / Journalist: Anusuya Lahiri

Category: Technology

Topics: TCEHY US90184L1026 Tech MSFT TWTR BILI US88160R1014 News US5949181045 Briefs Media Benzinga TSLA

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 16:39:13

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Reading Time: 1 minutes read

Article Length: 13 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 23327

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