Chinese audio-sharing platform Ximalaya has said a report on its plan to lay off 30% of its workforce, with product and operation employees hit the hardest, is “baseless and completely untrue,” according to local media outlet Jiemian. Ximalaya claimed the company is currently undergoing regular organizational restructuring and recruitment efforts are also underway. The industry-leading firm is facing profitability challenges after 11 years of operation, with several executives quitting in the past six months including the senior vice president and chief content officer, the report said. Ximalaya recorded its first quarterly profit in the final quarter of last year, generating tens of millions of yuan, which came after an earlier prediction from the CEO in August anticipating profitability in the fourth quarter and a full-year profit in 2023. [Jiemian, in Chinese]