Sources: Alibaba Cloud plans to layoff 7% of its staff, or ~1,000 employees, as it prepares for a spinoff within 12 months and an eventual IPO (Cissy Zhou/Nikkei Asia)

Cissy Zhou / Nikkei Asia:

Sources: Alibaba Cloud plans to layoff 7% of its staff, or ~1,000 employees, as it prepares for a spinoff within 12 months and an eventual IPO  —  Move follows tech giant announcing spinoff of group within 12 months  —  Alibaba, like other Chinese tech companies, has been cutting costs and reducing headcount for more than a year.