Announces plan to hire 15,000 despite reports of downsizing

May 25, 2023

Alibaba Group Holding Limited (NYSE: BABA) shared plans to hire 15,000 people by 2023, strongly contradicting reports of layoff plans.
The Chinese e-commerce platform issued a demand of 15,000 recruits for its six major business divisions.
The company said it would recruit 3,000 college graduates.
Read also: Navigating Alibaba’s Bumpy Road: Analyst Remains Positive, Adjusts Price Target Down
Alibaba dismissed reports of layoffs as “rumours” and said employee departures are part of the “normal flow”.
Alibaba pointed to its hiring system as proof that the company is still hiring.
Earlier this week, reports suggested that Alibaba planned to cut its cloud division’s workforce by 7% as it prepared for a spin-off and eventual IPO.
In March, Alibaba announced plans to reorganize its businesses into six independently run entities: Cloud Intelligence Group, e-commerce under Taobao-Tmall, Cainiao’s smart logistics operations, Local Services group, Global Digital Business Group and the Digital Media and Entertainment Group .
The company said each business unit could seek its initial public offerings (IPOs).
Price action: BABA shares traded 3.20% lower at last check Thursday at $78.60.

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This article Alibaba’s strategic growth: Announces plan to hire 15,000 people despite downsizing Reports originally appeared on Benzinga.com

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