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China’s iQiyi Fires Hundreds as Losses Balloon: Caixin

Firings are running as high as 40% for the least profitable divisions, several company employees said


IQiyi
iQiyi executives cheer as their CEO rings the opening bell at the Nasdaq MarketSite in New York's Times Square to mark the group's IPO in 2018. 2021 was a bumper year for IPOs, but Baidu is now looking to sell the video streaming group, sources say. File photo: AFP.

 

Chinese video streaming platform iQiyi is laying off hundreds of workers as losses balloon, marking a sharp U-turn from its previous strategy of seeking profit through expansion, Caixin reported.

The Baidu-backed company is laying off an average of 20% of its workforce across departments, with firings running as high as 40% for the least profitable divisions, several company employees said.

Read the full report: Caixin.

 


 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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