China’s Bilibili will axe nearly 20% of its workforce, TechNode reported, citing local media outlet Caixin.
The video-streaming firm had over 12,000 employees at the end of last year. Three departments – streaming, gaming, and commercialization – will bear the brunt of the layoffs. The move is seen as a step by the Nasdaq-listed company to turn profitable by 2024 – a goal announced by CFO Fan Xin in March.
However, the company told TechNode that these were workforce adjustments and not large-scale job cuts.
With these layoffs, Bilibili joins a growing list of tech giants, including Tencent and JD.com, that are downsizing.
The company’s net loss widened by nearly 2.5x to US$329 million in the fourth quarter of 2021 from a year ago – a bigger loss than analysts expected.
Editing by Arpit Nayak
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