Many giant companies including Google, Meta, Amazon, Twitter, Microsoft have cut jobs. The name of Chinese firm Alibaba Group Holding Limited was also appearing in this list. Now Alibaba has said that it will not retrench itself.
Alibaba Layoff News: Chinese tech firm Alibaba Group Holding Ltd has said it will hire 15,000 people this year. Alibaba has issued this statement amid reports of layoffs. In a statement released on Weibo on Thursday (May 25), Chinese e-commerce platform Alibaba said that this year it will make a total of 15,000 new recruits in six major departments.
The company said that out of these 15,000, 3,000 would be fresh graduate candidates. The company has said that the news of layoffs is just a rumour. The company has denied that it is laying off employees on a large scale.
For a few days, several media reports were claiming that Alibaba is laying off more than 20 percent of its employees. Now the company has denied this claim.
The company’s Chief Executive Officer Daniel Zhang gave information on how many people were hired at the firm for the first time earlier this month. Daniel Zhang has said that by March 2023, the company has employed more than 235,000 people.
Alibaba showed its recruitment system as evidence that the company is still hiring. The company said in its statement, “We have still continued the work of giving jobs to people.”
Bloomberg News reported earlier this week that job cuts are underway in Alibaba’s cloud division. This reduction of employees can be up to 7 percent in the cloud division of the company. It is being told that this retrenchment will happen by the end of May.
This news came at a time when the company is planning to launch separate IPOs for different business groups to raise funds.
In the most recent quarter, Alibaba’s cloud division generated revenue of 18.6 billion yuan, or $2.69 billion. Alibaba shares declined about 3% in US trading.
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