Chinese e-commerce giant Alibaba Group Holding Ltd. has fired around 10,000 employees in three months, various media reported.These layoffs come after Alibaba reported a 50 per cent drop in net income in June. These are an effort to cut expenses amid sluggish sales and a slowing economy in the country.The e-commerce firm let go of over 9,241 employees during the June quarter. According to the reports, the company trimmed its overall headcount to around 245,700.The company reported a 50 per cent drop in the net income to 22.74 billion yuan (USD 3.4 billion) in the June quarter, down from 45.14 billion yuan in the same period last year.Alibaba was founded in 1999. The company went through a major reshuffle when Ma passed the baton as CEO to Daniel Zhang in 2015 and further appointed him as Chairman in 2019.Earlier in July, Alibaba announced plans to apply for a primary listing in Hong Kong opening up the firm to a vast pool of mainland China investors for the first time, media reports said.Alibaba went public in New York, the US in September 2014 and completed a secondary listing in Hong Kong in November 2019. The move would see Alibaba become the first large company with primary listings in both New York and Hong Kong.
News Today | First with the news
News Today | First with the news
