Write what you are looking for and press enter to begin your search!

Logo
live-news-icon

Live News

V Rising Confirms Release for PlayStation 5 Next Month: In an intense match, the Lone Wolves came out victorious. Read all about the big night here // Netflix's The Sandman Season 2 Announces New Cast Additions To The Endless: In an intense match, the Lone Wolves came out victorious. Read all about the big night here // Larian Studios Opens Their Seventh Branch In Warsaw After Their Last One In Malaysia: In an intense match, the Lone Wolves came out victorious. Read all about the big night here
post-16 post-13

Fall in Net Profit Cause of NetEase Layoffs

We are receiving yet another story of layoffs as Chinese tech giant NetEase has confirmed reports that they are carrying out widespread layoffs due to a fall in net profit last year.

NetEase has been conducting organizational adjustments since the Chinese New Year holiday. This adjustment came in the form of downsizing some departments, cutting almost half their numbers, the Hangzhou-based firm told  China Entrepreneur, a tech news outlet under state-backed Economic Daily.

Dismissals are focused on their e-commerce unit Yanxuan and their farm produce-related brand Weiyang. Units that are also affected are their educational segment and other businesses such as public relations. NetEase separated Yanxuan from its email division while education has been split from NetEase’s Hangzhou Institute. The PR team has been separated from marketing.

So What Happened?

According to one of the employees, this is an abrupt adjustment adding to the fact that the company has not given any specific reason behind the layoffs. Some employees who were recently promoted before the holidays were dismayed to know that they were to be laid off when they returned to work.

Yanxuan began its layoffs before Chinese New  Year, cutting 30 to 40 percent of its workforce, while Weiyang also started before the holiday with close to 50 percent of the team already gone. The educational product division targets to slash the number of workers by one-third to less than 200 employees whereas the PR team sees a 40 percent reduction in staff, said another employee.

The company’s stock price is under constant pressure since last year especially in regards to the growth of its online and mobile games segment. Their market capitalisation plummeted as much as one-third in 2018.

The company has held back its main business as well as non-core segments. Their freemium music streaming service, NetEase Cloud Music, will reduce spending and buy fewer copyrights from Tencent Music, Beijing-based magazine Caijing reported with a company insider as a source.

 

Related News

post-07
Justice League Snyder Cut To Premiere In Malaysia Via HBO GO

(Updated on 17 March 2021) It's been officially confirmed. Zack Snyder's Justice League will also debut on HBO GO Asia in the following countries ...

post-07
Attack On Titan Final Season Drops This December

The official Twitter account and website for Attack on Titan (or Shingeki No Kyojin) have announced that the final season of the popular ...

post-07
Tom Hanks Heads Back To World War 2 In Greyhound Trailer

Over two decades after he saved Private Ryan, Tom Hanks is returning to World War 2 with his latest movie, Greyhound, which he also wrote. Inspired b...

Write a comment

Your email address will not be published. Required fields are marked *

Tournament Tool Kit

Kakuchopurei Community

Popular Posts

post-17
Diablo 4 Season 4: The Best Builds Per Class To Get To Level 100 Fast!
post-17
Diablo 4 Season 4: Tempering & Masterworks Guide
post-17
V Rising Everything You Need To Know About Stygian Shards
post-17
Summer Of Gaming 2024 Schedule: Video Game Live Streams & Showcases
post-17
Vampire Survivors: Operation Guns Contra DLC – All New Evolutions & Unlocks
post-17
Vampire Survivors: The Best Builds For Each Stage
post-17
Hades 2 Guide: All Incantations And Effects At Hecate’s Cauldron
post-17
Hades 2: All Boons List & The Best Ones
post-17
Eiyuden Chronicle: Hundred Heroes – 11 Tips To Get Ahead In This JRPG
post-17
Eiyuden Chronicle: Hundred Heroes Review – Rally Forth
post-17
Final Fantasy VII Rebirth Queen’s Blood Guide: The Best Cards & Decks
post-17
Introducing The Kakuchopurei YouTube Membership Program!
post-17
Palworld: All The Guides You Need For 2024’s Surprise Survival Game Hit
post-17
Prince Of Persia: The Lost Crown Walkthrough & Guide
post-17
Delicious In Dungeon Starts The New Year Tastefully
post-17
The Games Of 2024: Our Picks & Highlights
post-17
Main Game: How To Watch Malaysia’s Best Video Game Show Created By Kakuchopurei & RTM
post-17
Marvel’s What If…? Crew Explains Why They Went 3D Over 2D & A Scrapped Episode That Was Too Close To GOTG 3
post-17
Hawkeye Episode 6 Finale Easter Eggs & Breakdown
post-17
We Talk To Hayden Christensen About Star Wars, Sequels, & Prequels
post-17
Sea Of Stars Might Get DLC Post-Launch
post-17
The Book Of Boba Fett Episode 7 Breakdown & Easter Eggs Explained