Alibaba sacks 10,000 employees over 3 months

August 11, 2022 12:02

Pic: Reuters

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.

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