Chinese video platform iQiyi reportedly plans to lay off 20-40% of its workforce as the Netflix-like firm tries to reduce costs amid increasing losses. The company had 7,721 employees in 2020. That means the layoff could wipe out some 1,500-3,000 positions. Being referred to as the largest round of job cuts in the company’s history by local media, the layoff would reportedly affect a range of business units such as content, gaming, and smart hardware. Middle-level management and senior employees are likely to be at the center of the storm according to reports. [Yicai, in Chinese]
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