Write what you are looking for and press enter to begin your search!
Live News
Fall in Net Profit Cause of NetEase Layoffs
By Syazwan Bahri|February 28, 2019|0 Comment
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.
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.
By Alleef Ashaari|March 31, 2020
When Microsoft initially unveiled the Xbox Series X controller earlier this month, many gamers were surprised that the next-gen controller still used ...
By Alleef Ashaari|April 21, 2020
Remember Bionicle? If you were a 90s kid or grew up in the early 2000s, these were LEGO with their own extensive lore and narrative, similar to Hasbro...
By Mr Toffee|June 3, 2021
The original virtual idol superstar is making an online appearance for fans all across the world this June. The Miku Expo 2021 Online is a free onl...
By Mr Toffee|February 2, 2024
By Team KKP|July 1, 2023
By Alleef Ashaari|August 2, 2021
By Alleef Ashaari|February 9, 2022
By Mr Toffee|February 2, 2024
By Team KKP|July 1, 2023
Copyright @ Kakuchopurei 2024