Chinese tech giant Tencent is reportedly laying off around 20% of its staff, joining a lengthy list of tech firms that have started to trim their workforces since last year.
Tencent began downsizing its team at the end of last year, Chinese media outlet 36kr reported on Tuesday
Sources told 36Kr that the firm’s Cloud & Smart Industries Business Group (CSIG) and Platform and Content Group (PCG) were taking the biggest hits.
At the same time, the Interactive Entertainment Group (IEG) has a much lower layoff rate which only affects non-core businesses.
The CSIG will shed more than 20% of its workforce by the end of 2022, a management figure in the group told 36Kr.
The unit’s online education business division bore the brunt of the downsizing cuts due to the sweeping private education crackdown, which began last July. The edtech unit will merge with other businesses in the future, the report added
Job cuts in PCG are near 10% now and continue to grow, several PCG employees told the outlet
CSIG, PCG, and IEG are the three largest business groups within Tencent, each group employs around 20,000 people.
The Corporate Development Group, Technology Engineering Group, and Weixin Group – smaller groups with less than 10,000 employees – remain relatively unscathed amid the workforce adjustment.
Read more on Tech Gist Africa:
EthSign has raised $12 million in stable coin, led by Sequoia Capital India and Mirana Ventures.