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DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Alibaba’s cloud unit to reduce 7% of personnel in overhaul

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A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, fol... A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS
A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, fol... A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS

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On Tuesday, a source claimed Alibaba Group Holding Ltd.‘s (9988. HK) cloud unit began cutting 7% of its personnel to prepare for an IPO.

The insider stated the cloud unit is offering severance. Alibaba didn’t respond to Reuters’ request for comment.

Earlier this month, the Chinese digital behemoth announced IPO and fund-raising ambitions for four business units, including logistics subsidiary Cainiao. In addition, China’s biggest cloud provider will be listed next year.

Following a two-year governmental onslaught on China’s internet sector, Alibaba announced intentions to split into six units earlier this year.

Alibaba’s cloud division earned 18.6 billion yuan ($2.69 billion) last quarter, down 2% year-over-year.

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