Business, Internet, Software

Rumor: Shanda To Cut Over 400 Employees In China

According to rumor spreads on the Chinese Internet, Shanda Interactive Entertainment Limited, a top interactive entertainment media and online game company in China, plans to cut over 400 employees.

An insider revealed to the local media that this layoff will affect Shanda's three subsidiaries, including Hurray, Chengdu Sicent Technology, and Shanda Games. Two projects in Shanda Games, Dragon Nest and Aion, will be involved in the layoff. The total number of employees cut off from these three companies will be more than 400.

Dragon Nest and Aion previously were the major projects for Shanda Games; Hurray is the wireless value-added services provider acquired by Shanda in June 2009; and Chengdu Sicent Technology is a leading Internet cafe management software company acquired by Shanda in September 2009.

Prior to this, Shanda published its financial report for the third quarter of 2010, stating that its net income increased by 2.6% year-on-year to CNY1.392 billion; and its net profit decreased by 77.2% year-on-year to CNY99.3 million.

So far, Shanda has not given any comment to the rumor.

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