Tencent reports lower second-quarter profit

Tencent announced its results for the second quarter ended June 30 (PDF): total revenue was 134 billion yuan, down 3% from the same period last year; net profit was 28.1 billion yuan, down 17% year-on-year. The decline in Tencent’s revenue is not surprising , as regulatory pressure on its gaming business is mounting, and the COVID-19 pandemic and the macro economy continue to have an impact. “Chinese Entrepreneur” reported that Tencent is laying off employees on a large scale. Tencent disclosed at the beginning of this year that its number of employees exceeded 100,000, and some people expected to lay off 30,000 employees, with the number of employees staying at around 70,000. According to the report, in order to avoid being laid off, someone announced on the spot that they were pregnant.

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