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.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China’s Holiday Travel Rush Under Covid

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

PODCAST

Caixin China Biz Roundup: Omicron Reaches Beijing

MOST POPULAR

1: Energy Insider: China’s New-Energy Vehicle Industry Booms

2: Caixin-Sinica Business Brief: China Battles Omicron and Delta Outbreaks

3: China Plans Millions of Low-Cost Rental Homes in Equality Push

4: Tesla Accounts for Half of China’s 2021 NEV Exports

5: Lithium Price Breaks Record on Tight Supply Concerns

SPONSORED

OR