Tencent

Tencent, Asia's largest internet company, is making personnel adjustments in its extended reality (XR) unit, affecting over 300 employees, following a change in its hardware development plans. While denying reports of disbanding the business entirely, the company confirmed on February 22, 2023, that it is restructuring some teams, offering affected staff two months to seek new opportunities internally or externally. This move marks a shift for Tencent, which had ventured into hardware with the XR unit in June 2022 as part of its metaverse strategy, amidst broader industry challenges in the tech sector.

Tencent on 2022-11-15.