Baidu-backed video streaming platform iQiyi has made hundreds of workers redundant after the Chinese company’s losses have swelled, significantly contradicting the company’s previous strategy of seeking profit via expansion, reports Caixin. The company is laying off an average of 20% of its workforce across departments, with firings running as high as 40% for the least profitable divisions.
Departments that generate decent revenues have been more or less untouched by the cuts, such as a Chengdu-based unit that develops online games for overseas markets, according to several employees.
The company as a whole had a workforce of more than 7,700 people at the end of last year, according to its 2020 earnings report. That means around 1,500 staff could be on the chopping block.
You must log in to post a comment.