Tencent Sports Undergoes Massive Layoff

al businesses, which can help us optimize the cost structure,” said Pony Ma, Tencent’s CEO and board chairman.

Sources with direct knowledge of the layoff plan revealed that there are three reasons for the massive layoff at Tencent Sports. First, Tencent Sports’ mobile application failed to capture an active user base in accordance with the expectation. Second, Tencent Sports had consumed a lot of investment while failing to achieve profitability. Last, the sports sector in China has been suffering from the pandemic as major sporting events have been cancelled or postponed.

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