KongZhong, a provider of wireless value-added services and an operator of one of the leading wireless Internet portals in China, announced that it will cut its workforce by approximately 15%, in efforts to reduce costs.
The firm currently has 1,016 employees. It plans to complete the headcount reduction program within two weeks.
The firm however did not disclose other details of the planned workforce reduction.
''It is unfortunate that we have to let some people go in response to changes in the market environment," Yunfan Zhou, chairman and CEO of KongZhong said.
The executive said although KongZhong "is going through a difficult time," it will continue to focus on its two major businesses, wireless value added services and wireless Internet offerings.