Alibaba Group Holding Limited (NYSE: BABA) shared plans to hire 15,000 people in 2023, strongly contradicting reports of its layoff plans.
The Chinese e-commerce platform has expressed a need for 15,000 recruits for its six major business divisions.
The company said it would hire 3,000 university graduates.
Read also : Navigating Alibaba’s Rocky Road: Analyst Remains Positive, Adjusts Price Target Lower
Alibaba called the reports of layoffs “rumors” and said employee departures were part of the “normal flow”.
Alibaba said its recruiting system is proof that the company is still hiring.
Earlier this week, reports suggested Alibaba’s plans to cut staff at its cloud division by 7% as it prepares for a fallout and possible IPO.
In March, Alibaba announced plans to reorganize its business into six independently managed entities: Cloud Intelligence Group, e-commerce under Taobao-Tmall, intelligent logistics operations under Cainiao, Local Services Group, Global Digital Business Group and the Digital Media and Entertainment Group.
The company said each business unit could solicit its initial public offerings (IPOs).
Price action: Shares of BABA traded down 3.20% at $78.60 when last checked on Thursday.
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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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