HONG KONG -- Alibaba's cloud arm is laying off 7% of its total workforce, or around 1,000 employees, as the unit prepares for a full spinoff and eventual public listing, people familiar with the matter told Nikkei Asia.
The move comes days after Alibaba Group Holding announced a full spinoff of the Cloud Intelligence Group within 12 months, after which Alibaba will not hold any stake in the company, as all of the equity that Alibaba owns in the cloud business will be returned to existing shareholders by way of a dividend.
