--- title: "10,000 Employees Got Fired by Alibaba in the Last Three Months" description: "Alibaba Group Holding has dismissed around 10,000 staff, in last three months, due to 50 percent fall in net income June." author: "Siddhi Shaw" published: 2022-08-11 canonical: https://www.mindstick.com/news/1865/10-000-employees-got-fired-by-alibaba-in-the-last-three-months category: "internet" tags: ["e-commerce", "employees", "stock price valuation"] reading_time: 2 minutes --- # 10,000 Employees Got Fired by Alibaba in the Last Three Months Chinese e-commerce giant **Alibaba Group Holding** has dismissed around **10,000** staff, in last three months. These layoffs had come after [Alibaba](https://www.mindstick.com/news/1149/alibaba-will-design-its-own-chips-pushed-by-china-promoting-self-reliance) had reported **50 percent** fall in [net income](https://yourviews.mindstick.com/view/85086/why-tesla-net-income-drops-more-than-20-from-the-last-year) **June**. Well, these were an effort to cut down the expenses amid sluggish sales and a slowing economy within the country. ``` HIGHLIGHTS The layoffs took place after Alibaba faced 50 percent fall in net income June The company had cut down its overall headcount to around 245,700 Alibaba will become the first large dual-primary listed company in stock exchange ``` During the **June** quarter, the [e-commerce firm](https://www.mindstick.com/news/1074/alibaba-planning-to-grow-southeast-asia-e-commerce-lazada-to-100-billion) had let go more than its **9,241 employees**. As per the reports, the company had cut down its overall headcount to around **245,700**. The company had even reported **50 percent** drop in the net income to **CNY 22.74 billion** in the June quarter, down from **CNY 45.14 billion** during the same period last year. Earlier in **July**, Alibaba announced plans to apply for a primary listing in **Hong Kong** by opening up the firm to a vast pool of mainland China investors for the first time. On **Tuesday**, the move was announced which would witness Alibaba to become the first large dual-primary listed company on the **New York [Stock Exchange](https://yourviews.mindstick.com/story/3605/sebi-planning-to-introduce-same-day-settlement-on-stock-exchange)** and **Hong Kong Stock Exchange**. It had taken the advantage of a new rule that would allow the dual primary listings. Alibaba's **CEO Daniel Zhang** has mentioned that the company was following another primary listing venue to foster a '**wider and a more [distributed](https://answers.mindstick.com/blog/43/how-do-you-handle-failures-in-distributed-systems) investors base**.' Well, Alibaba was once a darling of [technology](https://www.mindstick.com/articles/13005/the-functional-aspects-of-laser-technology) [stock](https://www.mindstick.com/news/1451/stock-exchange-of-thailand-is-about-to-bring-crypto-related-service-soon) investors but, the e-commerce giant had witnessed its stock worth plummet when **Beijing** had launched a sweeping crackdown on the [private industry](https://answers.mindstick.com/qa/115643/what-role-does-private-industry-play-in-modern-government-space-program-missions). This change had left the company with a **$2.8 billion** fine and scuppered the **[initial public offering](https://www.mindstick.com/news/1301/nvidia-canceling-its-40-billion-arm-acquisition-report) (IPO)** of its affiliate Ant. It has been noticed that Alibaba's stock jumped four percent during the beginning of trading in Hong Kong amid expectations the move would provide mainland China investors easier access to its shares. Also Read: [SAMR, China’s High Regulator Fined Alibaba and Tencent for Failing Deals](https://www.mindstick.com/news/1747/samr-china-s-high-regulator-fined-alibaba-and-tencent-for-failing-deals) --- Original Source: https://www.mindstick.com/news/1865/10-000-employees-got-fired-by-alibaba-in-the-last-three-months Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.