60,000 employees fired by Chinese edtech firm after crackdown on tutoring firms

China's edtech major New Oriental Education & Technology Group's Founder Yu Minhong revealed that the company fired 60,000 employees and saw its revenue fall 80% in 2021. He cited factors like China's crackdown on the after-school education sector, the COVID-19 pandemic and China's international relations for the move. "Much of our business remains in a state of uncertainty," he said.