Alibaba Group Holding has closed its quantum computing research laboratory. This information was published by Bloomberg.
This means that the Chinese e-commerce and cloud technology operator is considering further cuts to boost profits.
The laboratory equipment will be transferred to Zhejiang University in Hangzhou. The closure will also lead to 30 job losses. However, Alibaba may help some employees find employment at the same university.
Alibaba is currently in the process of reorganization, led by Joseph Tsai and Eddie Wu. They are the trustees of the company’s co-founder Jack Ma. Recently, they announced that they were abandoning the spin-off and listing of the cloud services division.
Prior to this unexpected decision, the company was in the process of a complex division of its business into six divisions and a spin-off of its cloud division.
As a reminder, Alibaba founder Jack Ma has recently created a new company that will deal with ready-to-eat food.