iQiyi, a Chinese video streaming platform, is letting go of around 20% to 40% of its current workforce in a bid to stem its growing losses, according to a report from Yicai, a Chinese media publication.
The layoffs come months after iQiyi picked advisers for its planned US$500 million public offering in Hong Kong. The Baidu-backed company also partnered with Ant Group on Tuesday to integrate Alipay+ into its streaming platform.
The Netflix-like service will reportedly cut around 1,500 to 3,000 middle-to-senior-level employees – a move that will likely hit its content, gaming, and smart hardware business units. The company had 7,721 employees as of 2020, according to research platform Macrotrends.
Tech in Asia has reached out to iQiyi for comments.
Editing by Collin Furtado and Arpit Nayak
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