- Tencent Holding Ltd TCEHY stopped guaranteeing a pay raise upon promotion amid a more comprehensive cost-cutting drive, Reuters reports.
- However, Tencent assured an annual salary review to consider an individual's contribution and performance.
- The policy change reflects the changing circumstances of China's technology giants, hit hard by a bruising regulatory crackdown and a slowing economy.
- China's most valuable company's Q1 profit halved year-on-year, and revenues stagnated, marking its worst performance since it went public in 2004.
- Founder and CEO Pony Ma talked about implementing cost control measures with a more optimized cost structure.
- Price Action: TCEHY shares traded higher by 0.33% at $45.69 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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