Chinese e-commerce giant Alibaba Group Holdings BABA is shutting down its R&D center in Israel, the company notified its employees on Sunday.
What Happened: According to Israeli News company CTech, Alibaba notified around 50 local employees on Sunday that it plans to shut the center and lay off the staff.
According to the report, the Israel R&D center of Alibaba has employed dozens of experts in the fields of AI, product and cloud and mobile software engineering.
Israel's unit General Manager Lihi Zelnik Manor left the company in November and was never replaced.
Alibaba did not provide the reason behind the closure and whether the center was shut down due to dissatisfaction or the global slowdown in the tech sector remains a mystery.
Alibaba built its Israeli R&D center in 2017 after acquiring two startups: Visualead and InfinityAR. The center was subsequently attached to Alibaba's scientific and technological research arm DAMO Academy, which works on special projects.
Price Action: The Hong Kong-listed stock of Alibaba declined nearly 2%, while the overall Hang Seng Index shed 0.86% during the trading session on Tuesday. According to data from Benzinga Pro, Alibaba shares closed 0.94% higher in the U.S. on Monday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.