Alibaba's Strategic Growth: Announces Plan to Hire 15,000 Despite Downsizing Reports

Anusuya Lahiri

Thu, May 25, 2023, 2:57 PM1 min read

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Alibaba Group Holding Limited (NYSE: BABA) shared plans to hire 15,000 people in 2023, sharply contradicting reports of its layoff plans.
The Chinese e-commerce platform voiced a requirement of 15,000 recruits for its six major business divisions.
The company said it would recruit 3,000 university graduates.
Also Read: Navigating Alibaba's Bumpy Road: Analyst Holds Positive, Adjusts Price Target Downward
Alibaba snubbed reports of layoffs as "rumors" and said employee departures are part of the "normal flow."
Alibaba pointed to its recruiting system as proof that the company is still hiring.
Earlier this week, reports suggested Alibaba's plans to downsize its cloud division's workforce by 7% as it prepared for a spinoff and eventual IPO.
In March, Alibaba disclosed 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 lower by 3.20% at $78.60 on the last check Thursday.

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This article Alibaba's Strategic Growth: Announces Plan to Hire 15,000 Despite Downsizing Reports originally appeared on Benzinga.com

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