News > Alibaba cuts 10,000 jobs to cut costs amid falling sales

Alibaba cuts 10,000 jobs to cut costs amid falling sales

Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and a slowing economy in the country, the media reported on Saturday. 

Alibaba reported a 50% 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.