Tencent downsizes workforce for the first time since 2014

After missing quarterly revenue estimates, the Chinese multinational technology and entertainment conglomerate, Tencent announces layoffs.

By the end of June, the Shenzhen headquartered company employed 110,715 people.

This number is nearly 4.7 percent down from what was recorded in the month of March.

Besides this, Apple is among the latest tech companies to announce job cuts which have fired around 100 employees lately.

In the case of Tencent, it has trimmed nearly 5,500 employees from its payroll in the last quarter.

Not only that, China’s largest technology corporation also has frozen hiring for the first time in a decade as a measure of cost-cutting.

IT firms layoffs affected by slowing economy
Notably, it’s not alone as many other tech giants are going through similar phases.

For instance, some of the other top tech companies, including Google have fired a number of employees stating economic downtime and organizational restructuring.

In the meantime, the Chinese tech company, Alibaba, recently laid off nearly 10,000 employees as a part of cost-cutting measures amid the slowing economy.

With these layoffs, Alibaba trimmed its overall headcount to around 2,45,700.

Last month, tech companies altogether fired more than 32000 employees which mostly belong to Silicon Valley, as per the media reports.

This included companies like Twitter, TikTok, Shopify, Netflix, and Coinbase, among others.

Similarly, Google and Apple announced their layoff plans for layoffs , also freezed hiring.

Google asking to improve productivity
In a latest interview, Google CEO Sundar Pichai said that Google has too many employees but very few work.

He asked everyone to work harder than ever before.

Pichai further asked its employees to improve productivity and ideas on how to get “better results faster”.

Further adding that “There are real concerns that our productivity as a whole is not where it needs to be for the headcount we have,”.

Besides this, few top level Google executives also hinted at layoffs at the firm.

They said that if employees do not boost their performance then they should just get prepared for layoffs.

Moreover, whether the layoffs will happen or not will all depend on the next quarterly earnings, the executives said.

At the start of this week, Apple laid off some of its workers.

Reportedly, it has sacked as many as 100 contract-based recruiters in the past week to save some costs.

Besides this, Apple fired around 100 contract workers who were responsible for hiring new employees for the company, the report noted. Trak.in