Oracle lay off Oracle in the news August 1 (Reuters) – Oracle Corp (ORCL.N) said it had started laying off its employees in the United States. In July, it was reported that Oracle was considering laying off thousands of people in its global workforce after aiming to reduce costs by up to $1 billion.
Oracle lay offs
According to the company’s most recent annual report, it had about 143,000 full-time employees as of May 31.
Oracle marketing cloud Oracle (NYSE: ORCL) has begun staff layoffs at the company’s San Francisco Bay Area headquarters, according to a report from The Information.
Citing people with knowledge of the matter, The Information notes that the company is planning thousands of layoffs for its global workforce in July after discussing cutting $1 billion in spending.
Layoffs are expected in Canada, India and parts of Europe, although they are unsure of the number of staff affected.
The cuts come as Oracle invests in serving TikTok, one of its newest cloud customers, a key contract for the company. However, The Information adds that Oracle’s data center-related acquisitions for its cloud business are expanding, affecting its free cash flow, which fell 63% to $5 billion in the year ended May.
Oracle shares are down more than 12% in 2022 after a 0.9% drop so far in Monday’s session.