ByteDance, Tencent implementing new layoffs

Thursday, 30. June 2022 14:22

Chinese tech giants, such as Tencent and Bytedance, are about to implement fresh job cuts despite the government's decision to relax its regulatory campaign against the industry, according to a report published by the Wall Street Journal on Thursday.

The decision is expected to affect thousands of employees, according to workers interviewed by the paper, on top of tens of thousands of staff already laid off by Chinese internet companies since last year.

The major contributors to the latest job cuts are increasing macroeconomic risks as well as coronavirus-related lockdowns across China prompted by Beijing's zero-COVID policy.

Related Links: Tencent Holdings Ltd.
Author:
Baha Breaking News (BBN) / ND