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Tencent’s Workforce Shrinks for First Time in Nearly a Decade

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Tencent Sales Fall for First Time as China's Economy Sinks

Tencent Holdings Ltd. reported its first quarterly drop in workforce in almost a decade, as the layoffs rippling through the global tech sector finally engulf China’s biggest social media player. 

The country’s most valuable company reported it employed 110,715 at the end of June, down 4.7% from the end of March in the first staffing cutback since 2014, according to its latest filing. Tencent revealed the net reduction after reporting its quarterly revenue missed estimates.