Connect with us

Business

Tech lay-offs in China extend into year-end as Bilibili and Weibo cut headcount in worsening economy

News Agencies

Published

on

Bilibili said in a statement on Wednesday that it has been adjusting some businesses, but there have been “no large-scale lay-offs”.

The year-end adjustments came after the company trimmed about 20 per cent of its positions in May, according to several Chinese media reports. Chen Rui, chairman and CEO of Bilibili, said in an earnings call last month that one of the company’s priorities was to cut losses.

While the precise reduction in headcount will only be revealed early next year when Hong Kong- and Nasdaq-listed Bilibili releases its annual report, the job cuts mark a sharp contrast with its boom years.

Bilibili’s payroll size ballooned a whopping 80 per cent from under 4,800 to over 8,600 in 2020, and grew a further 42 per cent to nearly 12,300 by the end of 2021.

Advertisement

Beijing-based and Nasdaq-listed Weibo, which had a roughly 6,100-strong workforce at the end of 2021, also let go of an unknown number of employees this week, according to one person currently employed at the company.

Weibo did not respond to a request for comment

Weibo’s booth at the Global Mobile Internet Conference 2017 in Beijing. Photo: Reuters

Weibo’s booth at the Global Mobile Internet Conference 2017 in Beijing. Photo: Reuters

Advertisement

China’s tech sector, which had for years been a major job creator for young and well-educated workers, has seen a wave of lay-offs over the past months.

Across the country, joblessness is especially acute among youth: while the overall urban unemployment rate in China was 5.5 per cent at the end of October, the rate for those between 16 and 24 years old was more than three times greater at 17.9 per cent.

Reports of jobs cuts in the tech sector were so intense that China’s internet regulator made a rare statement this April to allay concerns, saying that employment in the country’s top 12 internet firms, including Bilibili and Weibo, remained strong, with a net growth of 79,100 jobs from July 2021 to March 2022.

In the following months, however, data disclosed by China’s Big Tech firms revealed deepening job cuts.

Social media and video gaming giant Tencent Holdings cut some 7,300 jobs in the past two quarters, according to its latest earnings report. Lay-offs over the past year affected businesses including cloud and video platforms.

Advertisement
The Tencent Holdings headquarters in Shenzhen, China. Photo: Bloomberg

The Tencent Holdings headquarters in Shenzhen, China. Photo: Bloomberg

E-commerce giant Alibaba Group Holding slashed almost 1,800 employees from its payroll in the third quarter, after reducing nearly 10,000 workers in the previous quarter. It retained roughly 243,900 personnel as of the end of September.

Alibaba owns the South China Morning Post.

The job cuts in Chinese tech companies, which came amid a regulatory crackdown on the industry and an economic slowdown, happened in tandem with lay-offs at their global counterparts.

Advertisement

US e-commerce giant Amazon.com shrunk its workforce by nearly 100,000 people, largely through attrition, in the June quarter, and plans to cut another 10,000. Facebook and Instagram owner Meta Platforms announced last month that it was laying off 11,000 employees, equivalent to 13 per cent of its workforce.

Around the globe, job reduction in 917 tech companies affected more than 144,500 people this year, according to a tally by Layoffs.fyi, a website that tracks job cuts in the sector.

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment21 mins ago

Austin Butler says he’s finally ‘getting rid of’ his Elvis accent

Austin Butler says his Elvis Presley accent is on the way out. (Photo: FREDERIC J. BROWN/AFP via Getty Images) Austin...

Entertainment2 hours ago

‘Flashdance’ singer Irene Cara’s cause of death revealed

Irene Cara died on Nov. 25. (Photo: Jordin Althaus/WireImage) Irene Cara, best known for her work acting in ’80s movie...

Entertainment2 hours ago

Vanessa Hudgens Is Engaged to Professional Baseball Player  Cole Tucker

Cole Tucker and Vanessa Hudgens attend the 2021 AFI Fest Matt Winkelmeyer/Getty Vanessa Hudgens is officially a bride-to-be! The High...

Entertainment3 hours ago

Ex-pop star Gary Glitter freed from UK prison

LONDON (AP) — Former pop star Gary Glitter was released from prison in England on Friday after serving half of...

Entertainment4 hours ago

Joey Lawrence says the late Anne Heche was ‘an amazing light’ in his new movie ‘Frankie Meets Jack’

Joey Lawrence, the late Anne Heche and Lawrence’s wife, Samantha Cope, co-star in the new movie Frankie Meets Jack. (Photo:...

Entertainment11 hours ago

Nick Carter Countersues Women Who Accused Him of Sexual Assault: ‘Opportunists’

NEW YORK, NY – JUNE 26: Singer Nick Carter leaves the Ray Tamarra/GC Images Nick Carter is fighting back against...

Entertainment14 hours ago

Euphoria’s Chloe Cherry Facing Theft Charge for Allegedly Stealing $28 Blouse

Chloe Cherry Kirstin Sinclair/Getty Chloe Cherry has been charged with misdemeanor retail theft over an alleged incident that took place...

Entertainment15 hours ago

Dwayne Johnson Says His Mom Is ‘OK’ After Late-Night Car Accident, Will ‘Continue to Get Evaluated’

Dwayne Johnson and his mom, Ata Johnson arrive at the AFI FEST 2016 presented by Audi premiere of Disney’s “Moana”...

Advertisement

Latest Sports

Sports35 mins ago

Cameron Young one back as Mickelson, Smith, DeChambeau miss Saudi cut

Cameron Young will enter the weekend one shot off the lead held by Abraham Ancer at the Saudi International.

Sports1 hour ago

Dan Orlovsky bizarrely claims Joe Montana not top-5 NFL QB all time

Dan Orlovsky unleashed a take regarding 49ers great Joe Montana that was so hot, it might have inadvertently scalded him...

Sports2 hours ago

Ford to rejoin Formula 1 in 2026 and team up with Red Bull Racing

Red Bull is currently running Honda engines under its own branding. It won the 2022 constructors' title and snapped an...

Sports2 hours ago

Brooks hits Mitchell in groin, both get ejected

Both Cavaliers star Donovan Mitchell and Memphis Grizzlies forward Dillon Brooks were ejected on Thursday night after a brawl broke...

Sports2 hours ago

Will Tom Brady re-sign with the Buccaneers for cap purposes?

Tom Brady is gone from Tampa Bay. He leaves behind a championship legacy — along with a $35.1 million cap...

Sports3 hours ago

Knicks’ RJ Barrett addresses frustration with benching against Lakers

Following Thursday's win, Knicks guard RJ Barrett addressed his frustrations with being benched against the Lakers on Tuesday.

Sports3 hours ago

Mavericks star Luka Doncic injures right foot after scary fall in win over Pelicans

Luka Doncic was ruled out with a right heel contusion on Thursday night, just days after he returned from a...

Sports4 hours ago

TNT’s Charles Barkley, Shaquille O’Neal tell Memphis Grizzlies to ‘quit talking, start playing’

On "Inside the NBA", Hall of Famers Shaquille O'Neal and Charles Barkley had something to say about the Grizzlies talking...

Technology Hot News

Technology2 weeks ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology2 weeks ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology2 weeks ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology2 weeks ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology2 weeks ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology2 weeks ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology3 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology3 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement