Lay Off

Alibaba Group Holding Ltd has laid off over 10,000 employees in the past three months, informed various media reports. The lay offs have come as a response to the country's 50% drop in the net profit, in the month of June. Also, the country's slowing economy has created a requirement for Alibaba to cut down expenses. With the aforementioned layoffs, the company currently employs around 2,45,000.