TECH CRUNCH - Tencent has cut as many as 4K jobs over the past year amid economic headwinds, a slowdown after years of growth, and increased regulatory scrutiny. The company's CEO Pony Ma has said cost-cutting would continue to be a priority. Tencent's new strategy of frugality appears to be paying off as the company reported that profit from Q4 grew 12% YoY, and its net margin increased to 74% from 66% last year. However, Tencent recorded a drop in annual revenues for the first time on record due to China's new gaming regulations, including restrictions on underage players.
by Rita Liao
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