China’s e-commerce firm JD.com plans to lay off at least 400 workers
Category: #business  By Saipriya Iyer  Date: 2022-03-25
  • share
  • Twitter
  • Facebook
  • LinkedIn
China’s e-commerce firm JD.com plans to lay off at least 400 workers
  • JD.com has started laying off its 10%-15% staff
  • Alibaba and Tencent are also allegedly planning to cut around 10% of their staff this year

JD.com, a Chinese e-commerce firm based in Beijing, has started laying off at least 400 employees after reports of its competitors — Tencent, a text-messaging and gaming giant and Alibaba —planning to cut around 10% of their head cuts.

The decision on layoffs comes at a time when Chinese tech companies are fighting against governing crackdowns and a cooling economy.

Job cuts at JD.com are mainly out of its group-buying unit, Jingxi, where around 10%-15% of staff will be removed from jobs

Sources cite that based on the headcount of Jingxi of 4,000, some 400 to 600 people are likely to be fired.

Launched in 2019, Jingxi is a subdivision of JD.com’s new business section, which has been wrenching up losses. For those unaware, the company offers services and goods at a substantially reduced price when a minimum number of users pledge to buy them.

As per the latest earnings report of JD.com, the segment conveyed losses of $505.9 million throughout the three months ending on December 2021, more than double the losses recorded last year.

The JD.com news comes amid Alibaba and the other e-commerce giant, is said to be viewing layoffs of at least 15% staff this year.

Sources state that this would result in around 39,000 people losing their jobs.

Tencent, which owns the popular messaging platform WeChat and has around 86,000 employees, is also considering laying off around 10% to 15% of its staff this year in specific business units. Most of the cuts will occur in cloud and intelligent sectors and content and platform business groups.

Source Credit - https://www.businessinsider.in/tech/news/chinas-e-commerce-giant-jd-com-is-reportedly-laying-off-at-least-400-workers-adding-to-massive-layoffs-seen-at-other-major-chinese-tech-firms-like-alibaba-and-tencent/articleshow/90394320.cms

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

Patanjali plans to sell food retail biz to Ruchi Soya for $88Mn
Patanjali plans to sell food retail biz to Ruchi Soya for $88Mn
By Saipriya Iyer

Indian multinational conglomerate holding company, Patanjali Ayurved has recently signed an agreement to sell its food retail unit to Ruchi Soya Industries for Rs 690 crore (USD 88 Million). The deal, which comprises 21 major products such as hone...

Apollo in talks to pump $1Bn into India’s residential property market
Apollo in talks to pump $1Bn into India’s residential property market
By Saipriya Iyer

Apollo Global Management Inc., an American investment management firm, is reportedly planning to lend around $1 billion to Indian property developers this year, making a bet on the recovery of the country’s residential property market as the CO...

Meta platforms join hands with AMD to make broadband more accessible
Meta platforms join hands with AMD to make broadband more accessible
By Saipriya Iyer

The two companies will collectively work on mobile internet infrastructure program This partnership aims to reduce base station cost and make broadband more accessible   Meta Platforms Inc., the parent company of Facebook, has rece...