5/25, 3:00 PM (Source: TeleTrader)
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Alibaba denies reports on job cuts

Alibaba Group Holding Ltd. denied on Thursday the company is planning mass layoffs.

"In the face of new situations, new opportunities, and new developments, we have never stopped innovating and upgrading ourselves, nor have we stopped recruiting and cultivating outstanding talents. This is the source of vitality for long-term future development," the company said in a post on Weibo and added it plans to hire 15,000 new employees this year.

The comments came after media reports earlier in the week claimed the Chinese company is planning to cut 7% of jobs in its cloud computing unit.

Baha Breaking News (BBN) / NP