HONG KONG : Tencent Holdings is abandoning plans to venture into virtual reality hardware, as a sobering economic outlook prompts the Chinese tech giant to cut costs and headcount at its metaverse unit, three sources familiar with the matter said.The world's largest video game publisher had ambitious plan
HONG KONG : Tencent Holdings is abandoning plans to venture into virtual reality hardware, as a sobering economic outlook prompts the Chinese tech giant to cut costs and headcount at its metaverse unit, three sources familiar with the matter said.
It had come up with a concept for a ring-like hand-held game controller, but difficulties in achieving quick profitability and the large investment needed to produce a competitive product were among factors that prompted a shift away from that strategy, two of the sources said. However, it eventually walked away from that deal due to Tencent's shift in strategy as well as mounting regulatory scrutiny and an expected lengthy review process, one source with direct knowledge of the matter said.
Tencent declined to comment on the Black Shark deal and whether Beijing's scrutiny had soured the deal. Regarding the status of XR unit, the company referred to a statement to Reuters on Thursday that said it was making adjustments to some business teams as development plans for hardware had changed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How this avid photographer in Hong Kong created a Leica camera museum out of his passionA childhood hobby turned into a long-term calling to showcase the history of photography and Leica cameras for Douglas So, founder of the F11 Foto Museum.
Read more »
Hong Kong singer Hacken Lee to perform in Singapore in MarchVeteran Hong Kong singer Hacken Lee will stage a concert in Singapore on March 17, his first show here in five years. The show will be held at Sands Grand Ballroom at Marina Bay Sands. Tickets go on sale on Friday on
Read more »
Hong Kong new census data to show if exodus is finally slowingThe most recent data, for the 12 months to June 30, showed the biggest drop in at least six decades. Read more at straitstimes.com.
Read more »
Tencent says making personnel adjustments after report of XR layoffsHONG KONG : China's Tencent Holdings said on Thursday it was making some personnel adjustments after a media report said that it was laying off staff in its recently formed 'extended reality' (XR) unit. Chinese tech outlet 36Kr reported on Thursday citing unnamed sources that Tencent had notified the unit
Read more »
Tencent says is making personnel adjustments after report of layoffsHONG KONG :Tencent Holdings said on Thursday it was making some personnel adjustments after a media report said that the Chinese tech company was laying off staff in its recently formed 'extended reality' (XR) business. Chinese tech outlet 36Kr reported on Thursday, citing unnamed sources, that Tencent had no
Read more »
Exclusive-China rolls out GMO corn planting, starts smallBEIJING : China will likely plant less than 1 per cent of its corn fields with genetically modified varieties this year, said two people familiar with the plans, dashing hopes for a full market launch of the technology in the world's second-largest corn market. The agriculture ministry has designated arou
Read more »