Prosus and its parent Naspers are planning to cut their corporate workforce by 30%, becoming the latest companies in global tech to announce layoffs.
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The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
Profitability decreased due to higher fuel surcharges, investments in new warehouses and discounted clearance of inventory, parent Naspers said.
Interim profit slipped 93% as the technology investor increased funding of its businesses and took a knock from Tencent.
Naspers shares were trading more than 5% lower on Tuesday after the JSE-listed technology investor warned about a big slide in earnings.
Tencent Holdings on Wednesday said it will distribute most of its stake worth R350-billion in food delivery firm Meituan to its shareholders.
The Naspers unit gave up its stake in Russia’s largest social network for nothing, walking away from the company.
Takealot Group is pushing further into townships and growing its new grocery partnership to defend its market share, its CEO said.
Naspers has rubbished an report that it is in talks with a Chinese investment company to sell all its remaining shares in Tencent.
Tencent is on track to close at its lowest point in five years as investor sentiment turned negative over China’s macro outlook.