Alibaba fired nearly 10,000 employees in over three months: Reports

New Delhi: Chinese e-commerce giant Alibaba Group Holding Ltd. has let go around 10,000 employees in over three months, reported several media.

This comes after Alibaba reported over 50 per cent drop in net income in the month of June. The company is in the process to cut expenses amid sluggish sales and a slowing economy in the country.

In June quarter, the e-commerce firm had let go of over 9,241 employees and has trimmed its overall headcount to around 245,700.

At the same period, the company reported a 50 per cent drop in the net income to 22.74 billion yuan (USD 3.4 billion), down from 45.14 billion yuan in the same period last year.

Alibaba was founded in 1999. In 2015, the company had gone through major reshuffle when Ma passed the baton as CEO to Daniel Zhang and further appointed him as Chairman in 2019.

According to reports, in July, the Chinese e-commerce giant 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.

Here is what people has to say:

impact of the economic crisis has been seen on the #Chinese company #alibaba . Let us tell you that the Chinese company has fired thousands of people due to the economic crisis. At the same time, Daniel Zhang, CEO of Alibaba has reacted in this matter. Rand pic.twitter.com/a8Iya6D1wL

— kaviyarani (@kaviyarani1) August 11, 2022

#Alibaba‘s current stock price is $92, what is the appropriate valuation? ? ? # Buffett bought Alibaba shares some time ago. From the perspective of long-term value investing, this transaction is undoubtedly perfect! Wall Street tycoon, come out and take two steps pic.twitter.com/wGpkBLZCmK

— Godfather of Wall Street (@6666666bbbbbb) August 10, 2022