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Tencent Reportedly Cuts 20% of Its Workforce

Chinese tech conglomerate Tencent, based in Shenzhen, has reportedly cut around 20% of its workforce, a report said yesterday (on 15 March 2022). According to that report, the job cuts began late last year. These cuts come as many tech companies in China have been laying off staff as well, including Tencent’s biggest rival Alibaba. These layoffs are partly a result of China’s ongoing economic downturn, trade tensions with the U.S. and other countries and domestic regulatory concerns.

Tencent Seafront Towers, Shenzhen