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Benzinga
Benzinga
Technology
Anusuya Lahiri

Tencent Stops Assuring Pay Hike On Promotion As Part Of Its Cost Cutting Measure

Tencent TCEHY Pony Ma China Tencent Holding Ltd Economy
  • Tencent Holding Ltd (OTC:TCEHY) stopped guaranteeing a pay raise upon promotion amid a more comprehensive cost-cutting drive, Reuters reports.
  • However, Tencent assured an annual salary review to consider an individual's contribution and performance.
  • The policy change reflects the changing circumstances of China's technology giants, hit hard by a bruising regulatory crackdown and a slowing economy.
  • China's most valuable company's Q1 profit halved year-on-year, and revenues stagnated, marking its worst performance since it went public in 2004.
  • Founder and CEO Pony Ma talked about implementing cost control measures with a more optimized cost structure.
  • Price Action: TCEHY shares traded higher by 0.33% at $45.69 on the last check Wednesday.
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