Tencent Stops Assuring Pay Hike On Promotion As Part Of Its Cost Cutting Measure

  • 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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTechMediaBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!