Sudden layoffs hit Tencent gaming media unit

The team at Fanbyte, a gaming-focused news and entertainment subsidiary of Tencent Holdings, has been hit with sudden layoffs, according to online statements of employees who were affected by the dismissals.

Photo credit: Tencent

The round of layoffs included John Warren, Fanbyte’s head of media, as well as Danielle Riendeau, the company’s editor-in-chief. Features editor Elise Favis, who was also affected by the recent axing, said that employees are still figuring out who’s been dismissed from the company and who’s being kept.

Fanbyte has yet to issue a statement regarding the matter at the time of writing.

The round of layoffs comes after Tencent, in its earnings release for the second quarter, revealed that revenues fell by 3% compared to the same period a year ago. The development marked Tencent’s first revenue decline since going public in 2014.

In the earnings release, the company said it will focus on bolstering business efficiency and opening up new sources of revenue.

See also: Tencent’s financial health in 5 charts

Tencent also recently made moves to expand its gaming presence outside China. This effort includes purchasing shares in Elden Ring developer FromSoftware and bumping up its stake in Assassin’s Creed publisher Ubisoft.