Alibaba Fired 4K Workers In Q4, Releasing Close To 19K Workers In FY22

Alibaba Group Holding Limited BABA slashed its workforce by about 19,000 employees in 2022 for cost efficiency.
Alibaba, let go of over 4,000 workers in the year's final quarter, Bloomberg reports.
The most considerable downsizing this year came in the summer when it reported its first-ever contraction in revenue.
Also Read: Meta Prepares For More Job Cuts, To Downsize About 1K In Major Business Overhaul
Global macroeconomic factors and China's stringent Covid policy, with lockdowns, hampered consumer spending.
Alibaba proposed to take a "more disciplined" approach to spend and scaling back expenses in areas that failed to generate long-term value.
This shift marked a significant contrast from the aggressive and wide-ranging market grab that characterized Alibaba in the past.
According to its latest report, Alibaba, with a workforce of 239,740, remains one of China's biggest private-sector employers.
Alibaba reported third-quarter FY22 revenue growth of 2% year-on-year to $35.92 billion Thursday, beating the consensus of $35.76 billion.
Non-GAAP earnings per ADS of $2.79 beat the consensus of $2.37. Alibaba generated $11.82 billion in free cash flow, up by 15% Y/Y.
Alibaba consolidated certain local consumer services segment operations to cope with increased competition.
Alibaba looked to merge its Koubei restaurant review feature into the Amap app, which provides a mobile digital map, navigation, real-time traffic information, and a ride-hailing aggregator.
Price Action: BABA shares traded lower by 0.71% at $94.10 on the last check Thursday.

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