Alibaba mimics Amazon by slashing jobs after poor results

Alibaba's woes continue, with the Chinese tech giant's latest financial reports indicating it cut nearly 10,000 jobs, or around 3.8 percent of its workforce, in the second quarter of 2022.  Alibaba's revenue took its first-ever quarterly dive [PDF], though the loss was smaller than analysts expected, mostly buoyed by a 10 …

[Pascal Monett]

"6,000 fresh university graduates"

Or, to put it bluntly, 6000 minimum-wage slaves to replace 10000 experienced and expensive employees.

Can't deny that Chinese companies have well learned from American companies just how to keep costs down.

[M.V. Lipvig]

Re: "6,000 fresh university graduates"

Yes, but no. China already knows how to use slave labor, considering they use it on the manufacturing side. All they had to do if money was the reason is tell the existing workers that their new wage is the current starting wage. Or less. And, screw up or stop reporting to work and it's off to the reeducation camps while your family moves to the exciting world of holding a rope attached to a watet buffalo in a rice paddy to count how many times per day the water buffalo fertilizes the rice. No, there's something else going on there. For all we know, the 6000 new employees are part of the 10,000 let go.

[M.V. Lipvig]

Shame for Amazon

All those warehouse workers wasted, since Amazon never hires anyone that's worked for them before. There are only so many box stuffers available in the world willing to piss in a bottle for 15 bucks an hour.

Big part of why I stopped ordering anything from them, really. Who wants their stuff handled by crotchfingers?

[Lordrobot]

Alibaba and China are here to stay...

Another delister article. The Largest US IPO in US History... fully approved by the SEC, goes along fine until one day... some Angry NEOCON Trumpers start to change the accounting rules that were previously approved. Alibaba was not a start-up. The SEC approved all. So this bit of Bill of attainder and Ex Post Facto Regulation changes the terms of the IPO. That qualifies as Force Majure. Alibaba should take the IPO money and walk from the US Exchanges...

To you xenophobic naive clowns that don't comprehend the damage the Politicians have done to the US Markets, be aware that the US exchanges lost the Aramco IPO because Saudi was afraid of the NEOCONs freezing Saudi Assets if they suddenly got the bug to sanction Saudi. So this has dried up capital in the US and there has been NO foreign investment in the US since Trump. He was a Stable Genius, turned kleptomaniac raided by the FBI yesterday. I digress.

Meanwhile, Hong Kong, now restored to business has set new IPO records doing more than $58 billion in IPOs this year.

Alibaba and Bidu set up their Hong Kong IPOs because of delisting threats by the NEOCON brain trust. But now the Alibaba equalization is expected to bring in $21 Billion in new Alibaba investment and open the doors to Chinese investment in Alibaba. Alibaba stock will rise in spite of XENOPHOBIC MURICA... In fact look at the Marvelous CHIPS ACT and the Pelosi VISIT... What happened to Chinese Semiconductor stocks? THEY SOARED. So all the US Delisting claiming SMIC and HUAWEI are spying on Murcian customers has only resulted in the inability of Muricans to own these powerhouse businesses. It is beyond stupid.

So now the US has Weaponized the Dollar Reserve, their exchanges, destroyed the supply chain, set up a giant bureaucracy to bend technology to politician whims, Virtually eliminated foreign investment, and sanctioned its largest customers and sanctioned 40% of the world population, leaving ASIAN markets to China and other Asian nations free from competition. You can't get any dumber. Protectionism will destroy the US economy.

Now you have 11.3% wholesale inflation, China inflation is 1.7%. Japan 2%... And what is the US doing about it? MORE BORROW AND SPEND THE ROOT CAUSE OF INFLATION and your capital markets are drying up. The private sector is being demolished by the gov sector.

Charles Munger remains certain that Alibaba represents more value than any US Firm. You may complain about China's Gov but you did that with Vietnam too and you lost, and nearly destroyed the nation with Inflation. Times have changed but the Xenophobia is the same. But if you look at the gleaming cities of Asia and compare to the heartland of America, you better worry. Asians are building and working round the clock and you will never stop them with your petty protectionism. They are working, innovating, and building and you look poor by comparison. China's cities are spotless, with virtually no crime and your cities are crime infested, with poor living on the streets, astonishing that you are such braggarts in the US.

I noticed many posts attacking Amazon. The greatest US retailer in history and you NEOCON clowns and Liberals hate Amazon's success. You continue to push UNIONs on Amazon. Rubio and Warren pushing UNIONS. Oh, how the Republican Party has declined. Good luck with your Nancy Kerrigan Kneecapping strategies to damage the most productive at the expense of the virtue signalling green-eyed losers. China and Asia are more capitalistic than the US and UK. They have a thrifty working class where they must work to survive. 60% of US citizens pay no taxes, you squeeze your private sector into your socialist whims. THE US AND THE UK are in deep decline.