Tencent says no major layoffs planned, says it is different from Silicon Valley companies

On Wednesday, Tencent released its first-quarter 2026 financial results, reporting revenue of RMB 196.46 billion ($27.2 billion), up 9% year-on-year, while net profit surged 21% to RMB 58.1 billion ($8.0 billion). At the company’s shareholder meeting held the same day, Tencent President Liu Chiping firmly dismissed concerns about potential layoffs amid the industry-wide wave of job cuts, saying: “There are definitely no plans for large-scale layoffs. Tencent is different from Silicon Valley comp