Dec 08, 2021 08:45 PM

TECH

IQiyi Fires Hundreds of Workers as Losses Balloon

By Guan Cong and Ding Yi

IQiyi’s headquarters in Beijing on May 14. Photo: VCG

IQiyi’s headquarters in Beijing on May 14. Photo: VCG

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

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 told Caixin.

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