Alibaba fires nearly 10,000 employees amid economic slowdown in China

  • Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country.
  • Alibaba reported a 50 per cent drop in net income to 22.74 billion yuan ($3.4 billion) in the June quarter, down from 45.14 billion yuan in the same period last year.

[Via]

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