Tencent Cuts 5,500 Jobs in First Quarterly Workforce Decline Since 2014 as Revenue Falls

Tencent Cuts 5,500 Jobs in First Quarterly Workforce Decline Since 2014 as Revenue Falls

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China’s economic downturn, pandemic disruptions and ongoing scrutiny from regulators. Revenue in the second quarter fell three percent to CNY 134 billion (roughly Rs. 1,57,000 crore) compared to the year…