Announces Plan to Hire 15,000 Despite Downsizing Reports

• 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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