BEIJING: Tencent Holdings Ltd logged its first-ever revenue decline after online advertising sales fell by a record, underscoring the extent to which China’s worsening economy is hurting its biggest corporations.
The country’s most valuable company slashed 5,000 jobs or nearly 5% of its workforce – the first quarterly drop in staffing since 2014 after layoffs rippling through the global tech sector finally hit the WeChat operator.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!