Like many other tech giants, China’s Tencent Holdings is also sacking employees in video streaming, gaming and cloud businesses. 

This step will affect three out of six of Tencent's business divisions - platform and content (PCG), which comprises of its video and news platforms, its gaming-focused interactive entertainment department (IEG) and cloud and smart industries group (CSIG). 

Besides Tencent, Amazon, Meta, Disney, Twitter and several other tech companies around the world announced thousands of job cuts as part of their cost-cutting efforts.