Chinese internet giant Tencent is firing swathes of people from its gaming and fintech departments as massive layoffs that started in March continue, as the tech titan reports weak performance amid a regulatory crackdown and the Covid-19 pandemic, reports Caixin.
The Shenzhen-headquartered giant is ditching employees at its Interactive Entertainment Group (IEG), which includes its lucrative gaming department.
A source inside the IEG said that the layoffs at the group, which accounts for nearly 10% of Tencent’s total headcount, were in part a consequence of the government freezing approvals of new games for months. The source said this left many workers responsible for game distribution without much workload.
You must log in to post a comment.