Vision Times reported after Bytedance and iQiyi laid off a series of employees, Kuaishou, the owner of the video-sharing platform second only to Tik Tok, has also started to do the same. The latest news shows that Kuaishou is laying off employees in its Beijing, Shanghai, Guangdong, and other offices.
In early December, a Kuaishou employee announced that Kuaishou had begun to persuade employees to resign. According to the employment contract, the company had to pay a sizable amount of money when it fired employees directly, so the company began to persuade people to quit with those who received a C (low score) for performance.
Later, some netizens said that Kuaishou laid off up to 30% of its employees.
According to The Paper, on Dec. 8, several Kuaishou employees learned that the company they worked for was actually going through a new round of layoffs. Kuaishou employees have announced that Kuaishou’s sales offices in Beijing, Shanghai, Guangzhou, and Shenzhen will have to complete the staffing process before the end of the year. Besides, Kuaishou will wipe out some business areas.
Units in the remaining fields will be restructured before the end of December. An employee said that they have two options, one is to “move”, the other is “to leave.”
Some employees of this company said that Kuaishou’s layoffs include not only junior staff but even senior management over the age of 35 in non-technical positions. Many of them have very high annual incomes.
In response to rumors of mass layoffs, Kuaishou has made no comment.
The third-quarter business report published by Kuaishou on Nov. 23 showed that Kuaishou continued to lose, adjusted net loss amounted to 4.822 billion yuan ($760 million), an increase of 401.4 % over the same period.