Thousands laid off at Alibaba – ICT news

Chinese e-commerce giant Alibaba Group laid off 9,241 staff in the three months to June this year.

Alibaba reported that at the end of the most recent quarter, it employed just over 245,000 people. In the first three months of 2022, the group had already reduced its staff by 4,375 units. Although Alibaba still presents positive quarterly results, declining sales and the threat of losing its listing on the New York Stock Exchange are pushing it to act.

Measures taken by the Chinese government have caused Alibaba’s market value to decline in the past two years. In addition, the company risks losing its listing on the New York Stock Exchange. All of this means that the business model that made Alibaba successful is now no longer working, forcing it to make drastic cuts in staffing costs.

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Regardless of these issues, Alibaba’s downsizing also appears to be part of a broader trend underway among tech firms. This is how Oracle recently announced that it wanted to eliminate thousands of workstations. For its part, SoftBank Group, the main shareholder of Alibaba and one of the largest venture capital investors in the world, recently signaled that it was taking drastic cost-saving measures that were significantly impacting staff. Other tech giants like Apple, Alphabet and Meta have also cut their recruitment sharply.

In collaboration with Dutch IT Channel

Alibaba reported that at the end of the most recent quarter, it employed just over 245,000 people. In the first three months of 2022, the group had already reduced its staff by 4,375 units. Even though Alibaba still presents positive quarterly results, declining turnover and the threat of losing its listing on the New York Stock Exchange are pushing it to act. The measures taken by the Chinese government have reduced the market value from Alibaba for the past two years. In addition, the company risks losing its listing on the New York Stock Exchange. All of this means that the business model that made Alibaba so successful is now no longer working, forcing it to make drastic cuts in its personnel costs. also seems to be part of a broader trend underway among technology firms. This is how Oracle recently announced that it wanted to eliminate thousands of workstations. For its part, SoftBank Group, the main shareholder of Alibaba and one of the largest venture capital investors in the world, recently signaled that it was taking drastic cost-saving measures that were significantly impacting staff. Other tech giants like Apple, Alphabet and Meta have also cut their recruitment sharply. In collaboration with Dutch IT Channel

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