Tencent Holdings Ltd, one of the most popular and the largest gaming and social media company based in China is facing intense competition, slow growth, and workforce issues. The company is currently planning to lay off 10 percent of managerial jobs amid these crises.
According to the details provided by Bloomberg, the company will either sack or demote the low performing managers in the company, President Martin Lau said in an internal meeting last year that Tencent has not trimmed staffing in the past, now it needs a prune.
However, Tencent did not immediately respond to the report for comments, the company is also going to present its earnings later this week, it seems the company is likely to post the lower earnings increased expenses and low-profit margins.
The report comes after the JD.com decision to cut 10 percent of its senior executive staff, JD.com is one of the largest Chinese online retailers. Tencent reported revenues of 237.8 billion CNY in 2017, the company owns several gaming and technology companies including Epic games, Riot games, Supercell, Miniclip, Tencent pictures, We Bank and Tencent Music.