Announces plans to hire 15,000 people despite reports of downsizing

  • 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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