News > Tencent sees first-ever decline in revenue, sacks 5500 employees
Tencent sees first-ever decline in revenue, sacks 5500 employees
Gadgets Now | 18/08/2022 05:26 PM | Click to read full article
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.