On the call, Lau tried to put a positive spin on the firings, saying that they would help establish a “value-based, efficiency-based, and healthier and sustainable growth mode”. It peaked at 1.68 million RMB per person in the first quarter of 2020. Tencent’s employee cost-effectiveness - the ratio of revenue per employee - slid to 1.29 million RMB in the fourth quarter of 2021. For the year, Tencent posted 560 billion RMB in revenue and 123.8 billion RMB in net profit. Revenue was up 8% year-on-year at 144.2 billion RMB (US$22.64 billion), while net profit plunged 25% to 24.8 billion RMB. In the fourth quarter, Tencent saw its slowest growth since it went public in Hong Kong in 2004. Insiders at Tencent said that the sale was made over concerns of greater antitrust scrutiny to come. for 78 billion RMB, reducing a nearly 17% holding to just 2.3%. On 23 December 2021, it sold down its stake in e-commerce giant JD.com Inc. Tencent’s plan to merge China’s two largest game-centric livestreaming platforms fell apart amid the antitrust crackdown.Īmid this uncertainty, the company is hedging its risks. Pony Ma, CEO and co-founder of Tencent Holdings Ltd., speaks during a news conference in Hong Kong, China, on 21 March 2019. On 23 December 2021, sold down its stake in e-commerce giant JD.com Inc. Beijing launched a regulatory broadside at the tech sector, aiming at some specific worries such as minors spending too long glued to games, as well as broad goals such as curbing anti-competitive behavior and the “disorderly expansion of capital”, partly under the banner of “common prosperity”. Tencent’s CEO and co-founder Pony Ma was blunter at an internal meeting in December, saying that “winter is coming” for the firm. Tencent - the operator of China’s unassailable WeChat super-app, the world’s largest video game publisher and one of Asia’s most valuable companies - is firing its staff.Īt the tech conglomerate’s latest earnings call on 23 March, Tencent president Martin Lau admitted that the industry faces “fundamental changes and challenges” after years of “frothy and unhealthy” growth. (By Caixin journalists Manyun Zou, Guan Cong, Du Zhihang, Zhang Erchi and Qu Yunxu)
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