Alibaba laysoff nearly 10,000 in three months

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.