PGJ - What's Going On With Alibaba Stock Wednesday? | Benzinga
Alibaba Group Holding Ltd’s (NYSE:BABA) subsidiary, Daraz Group, a prominent e-commerce entity in South Asia excluding India, is poised for another round of layoffs amid ongoing market challenges, just a year after reducing its workforce by 11%.
Acting CEO James Dong, who oversees Alibaba’s Southeast Asian e-commerce division Lazada, announced this difficult decision in an internal memo, highlighting the company’s struggle to meet financial targets against “unprecedented challenges.”
Acquired by Alibaba in 2018, Daraz has not disclosed the number of employees affected by these latest cuts across its operations in Pakistan, Bangladesh, Sri Lanka, and Nepal, SCMP reports. The stock is trading lower on Wednesday.