- Alibaba Group Holding Limited (NYSE:BABA) shared plans to hire 15,000 people in 2023, sharply contradicting reports of its layoff plans.
- The Chinese e-commerce platform voiced a requirement of 15,000 recruits for its six major business divisions.
- The company said it would recruit 3,000 university graduates.
- Also Read: Navigating Alibaba’s Bumpy Road: Analyst Holds Positive, Adjusts Price Target Downward
- Alibaba snubbed reports of layoffs as “rumors” and said employee departures are part of the “normal flow.”
- Alibaba pointed to its recruiting system as proof that the company is still hiring.
- Earlier this week, reports suggested Alibaba’s plans to downsize its cloud division’s workforce by 7% as it prepared for a spinoff and eventual IPO.
- In March, Alibaba disclosed plans to reorganize its businesses into six independently run entities: Cloud Intelligence Group, e-commerce under Taobao-Tmall, Cainiao’s smart logistics operations, Local Services group, Global Digital Business Group, and the Digital Media and Entertainment Group.
- The company said each business unit could seek its initial public offerings (IPOs).
- Price Action: BABA shares traded lower by 3.20% at $78.60 on the last check Thursday.
SolarEdge Stock Plummets After Mixed Q4 Results
SolarEdge Technologies reported quarterly losses of 92 cents per share which beat the analyst consensus estimate of losses of $1.33 by 30.83%. The company reported quarterly sales of $316 million, missing the analyst consensus estimate of $323.3 million by 2.26% and representing a 64.52% decrease over sales of $890.7 million from the same period last year.
