News > Tencent sees first-ever decline in revenue, sacks 5500 employees

Tencent sees first-ever decline in revenue, sacks 5500 employees

Chinese conglomerate Tencent has fired 5,500 employees, after posting a revenue of $19.8 billion in the June quarter, down 3% which is the first decline since going public.

Reports have also surfaced that Tencent was considering selling some or all of its 17% per cent stake in Meituan, one of China's largest food delivery companies. The company, however, denied this news during the earnings call.