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Sohu's Changyou unit reportedly cutting PC gaming jobs

  • Changyou (CYOU +3.9%) "plans to transfer or lay off nearly 120 employees" in its PC gaming unit, Marbridge Consulting reports. The employees will reportedly be either laid off or transferred to Changyou's mobile gaming unit.
  • The report comes after the Sohu (SOHU +3%) subsidiary reported a 2% Y/Y drop in online gaming revenue (accounted for 45% of Sohu's total revenue), and also provided soft Q2 guidance caused in part by heavy spending. Like some peers, Changyou has been struggling to deal with mobile cannibalization and intense competition - Tencent remains an industry colossus.
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