Fintech

Alibaba Shed 9,200 Employees in June Quarter – SCMP

 

Some 9,241 employees left Alibaba in the quarter to the end of June, reducing its total staff number fo 245,700, according to a report by the South China Morning Post (also owned by the e-commerce giant), in a move it said was part of “renewed efforts to cut expenses, drive up efficiency” amid continued regulatory pressure and a slowing economy.

On Thursday, the group reported a 50% drop in net income to 22.7 billion yuan ($3.4bn) for the June quarter on “flat” revenue of 205.6 billion yuan, but CEO Daniel Zhang Yong said the company planned to add nearly 6,000 fresh university graduates this year, the report said.

Read the full report: South China Morning Post.

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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