By Dean Seal
--Alibaba has started a round of job cuts that aims to reduce the staff of its cloud division by about 7%, Bloomberg reports.
--The cloud division has started offering severance to employees or transfers to other units at Alibaba, an unnamed source told Bloomberg.
--The overhaul is intended to help prepare the cloud unit for a spinoff and eventual initial public offering, according to the source.
Full story: https://www.bloomberg.com/news/articles/2023-05-23/alibaba-s-cloud-arm-is-said-to-cut-7-of-staff-in-overhaul
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
05-23-23 0722ET