Alibaba lays off nearly 10,000 in three months after 50% drop in net income

Chinese e-commerce giant Alibaba Group Holding Ltd. has fired around 10,000 employees, in three months, various media reported.

These layoffs come after Alibaba reported a 50 per cent drop in net income in June. These are an effort to cut expenses amid sluggish sales and a slowing economy in the country.

The e-commerce firm let go of over 9,241 employees during the June quarter. According to the reports, the company trimmed its overall headcount to around 245,700.

The company reported a 50 per cent drop in the net income to 22.74 billion yuan (USD 3.4 billion) in the June quarter, down from 45.14 billion yuan in the same period last year.