{"id":1243239,"date":"2023-02-25T10:15:50","date_gmt":"2023-02-25T04:45:50","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1243239"},"modified":"2023-02-25T10:16:23","modified_gmt":"2023-02-25T04:46:23","slug":"alibaba-fired-52-employees-per-day-in-2022-19000-employees-were-asked-to-resign-in-365-days","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/alibaba-fired-52-employees-per-day-in-2022-19000-employees-were-asked-to-resign-in-365-days\/","title":{"rendered":"Alibaba Fired 52 Employees Per Day In 2022: 19,000 Employees Were Asked To Resign In 365 Days"},"content":{"rendered":"\n

Last year, Alibaba Group Holding Ltd. reduced its workforce by about 19,000 employees among the global economic chill and shifted focus to cost efficiency.<\/p>\n\n\n\n

\"Alibaba<\/figure>\n\n\n\n

In a latest revelation<\/a> by the Hangzhou-based online retailer in its earnings report on Thursday, it said that they  let go of more than 4,000 workers in the final quarter of the year. <\/p>\n\n\n\n

Continues With The Layoff Spree<\/strong><\/p>\n\n\n\n

The company’s largest reductions this year came in the summer when it reported its first-ever contraction in revenue.<\/p>\n\n\n\n

It appears that the company\u2019s growth has been stunted by global macroeconomic factors considering China’s stringent Covid Zero policy, with lockdowns blunting consumer spending.  <\/p>\n\n\n\n

Earlier in May, Alibaba said that it will take a \u201cmore disciplined\u201d approach to spending and scale back expenses in areas that aren\u2019t generating long-term value. <\/p>\n\n\n\n

Moving ahead, this shift which is in line with Beijing\u2019s incentives here marks a major change from the aggressive and wide-ranging market grab that characterized the e-commerce giant in the past.<\/p>\n\n\n\n

With a workforce of 239,740, according to Alibaba’s latest report, it still remains one of China\u2019s biggest private-sector employers. <\/p>\n\n\n\n

Profits Beating Analyst Expectations<\/strong> <\/p>\n\n\n\n

Interestingly, the company reported sales and profit that beat average analyst expectations and in turn resulted in  shares surge. <\/p>\n\n\n\n

But it cannot be denied that the company’s job cutbacks in December increased from September.<\/p>\n\n\n\n

So, the company seems to still be adjusting its size to deal with a slower economy, even with growing signs of a recovery taking root at home and abroad.<\/p>\n\n\n\n

On Thursday, Alibaba Group Holding Ltd reported better-than-expected quarterly revenue.<\/p>\n\n\n\n

It was helped by its efforts to cut costs and China’s easing of Covid-19 curbs.<\/p>\n\n\n\n

It is noteworthy here that the e-commerce giant has weathered a weak economy in China, which only lifted its three-year zero-Covid policy in December.<\/p>\n\n\n\n

Alibaba\u2019s revenue rose 2% to 247.76 billion yuan ($35.92 billion) for its fiscal third quarter to December 31.<\/p>\n\n\n\n

It seems to be far better compared with a Refinitiv consensus estimate of 245.18 billion yuan drawn from 23 analysts.<\/p>\n\n\n\n

In the meantime, the net income attributable to ordinary shareholders rose 69% to 46.82 billion yuan from 27.69 billion a year earlier.<\/p>\n\n\n\n

This has also affected the share prices as the US shares of Alibaba were up 1.8% shortly after Wall Street opened, after trading as much as 6% higher in pre-market trades.<\/p>\n\n\n\n

Again the adverse effect is seen with China’s total retail sales contracted 1.8% in December as its economy posted one its worst growth rates in nearly half a century in 2022, expanding just 3%. <\/p>\n","protected":false},"excerpt":{"rendered":"

Last year, Alibaba Group Holding Ltd. reduced its workforce by about 19,000 employees among the global economic chill and shifted focus to cost efficiency. In a latest revelation by the Hangzhou-based online retailer in its earnings report on Thursday, it said that they  let go of more than 4,000 workers in the final quarter of […]<\/p>\n","protected":false},"author":27,"featured_media":1243248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[958,131],"class_list":["post-1243239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-alibaba","tag-layoffs"],"acf":[],"yoast_head":"\nAlibaba Fired 52 Employees Per Day In 2022: 19,000 Employees Were Asked To Resign In 365 Days - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/alibaba-fired-52-employees-per-day-in-2022-19000-employees-were-asked-to-resign-in-365-days\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alibaba Fired 52 Employees Per Day In 2022: 19,000 Employees Were Asked To Resign In 365 Days - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Last year, Alibaba Group Holding Ltd. reduced its workforce by about 19,000 employees among the global economic chill and shifted focus to cost efficiency. 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