Chinese tech firm Alibaba has fired around 10,000 employees as a part of cost-cutting measures amid the slowing economy, according to media reports. The tech company fired more than 9,241 employees during the June quarter, the report coming from South China Morning Post noted. The report also stated that with the recent lay off Alibaba trimmed the overall headcount to around 245,700. The layoffs come after Alibaba reported a 50 per cent drop in net income to 22.74 billion yuan in the June quarter, down from 45.14 billion yuan during the same time in 2021.
"The reduced payroll reflects Alibaba`s renewed efforts to cut expenses and drive-up efficiency, as it faces continued regulatory pressure, sluggish consumption and a slowing economy in China, the world`s biggest e-commerce market," the report added. "That put the total decrease in employee numbers for Alibaba, owner of the South China Morning Post, to 13,616 over the six months to June, marking the firm's first drop in payroll size since March 2016," it further added.
Several other tech companies, mostly in the Silicon Valley, together fired 32000 employees last month, a detailed report published by Crunchbase stated. Some of these companies include Twitter, TikTok, Shopify, Netflix, and Coinbase, among others. Additionally, Microsoft also reduced 1 per cent of its workforce amid some structural adjustments to meet business needs.
Amid Elon Musk’s Twitter takeover deal, the micro-blogging tech giant sacked around 30 per cent of its talent acquisition team, The Wall Street Journal reported. Sources close to the development stated that the company is facing “increasing business pressures” and hence restructuring its talent acquisition team due to revised business needs.
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