Chinese e-commerce company JD.com is expected to lay off 10% of its executives because of a slowdown in the country’s tech sector. The firm, backed by Walmart, Google and Tencent Holdings, reported its slowest ever quarterly growth in revenue in November 2018. “China has been one of our biggest markets for many years, but we have seen an increase in competition from other countries that are growing faster,” said CEO Eric Schmidt.
Chinese e-commerce company JD.com is expected to lay off 10% of its executives because of a slowdown in the country’s tech sector. The firm, backed by Walmart, Google and Tencent Holdings, reported its slowest ever quarterly growth in revenue in November 2018. JD.com said it wanted to maximise resources.