Alibaba reduces number of employees by 9,241 for 2Q 2022

Chinese e-commerce giant Alibaba Group Holding Ltd. let go of 9,241 employees in the three months to June, according to the company’s latest filing, Report informs referring to Bloomberg.

The Hangzhou-based firm reported it had just over 245,000 employees at the end of the most recent reporting quarter, cutting back during a period that marked its first ever contraction in revenue.

Alibaba also reduced its workforce in the first three months of the year by 4,375, mirroring widespread moves among global tech companies to rein in spending at a time of rising inflation, materials costs and political tensions.

US firms like Apple Inc., Alphabet Inc. and Meta Platforms Inc. have cooled recruiting while Alibaba’s closest analog, Amazon.com Inc., has shed about 100,000 jobs.

SoftBank Group Corp., Alibaba’s biggest shareholder and among the world’s most lavish venture capital spenders, promised this week to implement sweeping cost-cutting measures that would significantly affect headcount.