Prosus and its parent Naspers are planning to cut their corporate workforce by 30%, becoming the latest companies in global tech to announce layoffs.
Browsing: Tencent
Tencent shares have nearly doubled from a recent low on growing signs that China is preparing to end its crackdown on major tech firms.
The Chinese Internet giant hopes it can turn Channels into the next WeChat Pay, but competing with TikTok won’t be easy.
Tencent’s performance reflects optimism that China’s economic growth can find its way back to where it was before lockdowns.
The move reinforces hopes that Beijing is easing a crackdown on the world’s largest mobile gaming arena.
In a rare show of frustration, Pony Ma said internal reviews this year had exposed corruption and mismanagement at Tencent.
The Federal Trade Commission is likely to file suit to block Microsoft’s $69-billion takeover bid for Activision Blizzard, Politico reported.
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.