Oracle starts laying off employees as company aims for $1 billion in cost cuts
• Tech giant had about 143,000 full-time employees as of May 31
Oracle Corp (NYSE: ORCL) has started laying off employees in the United States, The Information reported on Monday, citing a person with direct knowledge of the matter.
The news outlet in July reported that the tech giant was considering cutting thousands of jobs in its global workforce to cut costs of up to $1 billion.
The company had about 143,000 full-time employees as of May 31, Oracle said in its latest annual report.
The layoffs will affect employees at Oracle’s San Francisco Bay Area office, Monday’s report said.
However, The Information did not mention the number of employees affected.
“Today is a sad day at Oracle,” Chad Cain, a former senior manager in solution engineering at Oracle, wrote on LinkedIn. “They have decided to reorganize the CX organization and move on from several solutions. There will be many people impacted by this realignment, and quality folks will be lost.”
The report also said layoffs in Canada, India and parts of Europe were expected in the coming weeks and months.
Technology giants Microsoft Corp (NASDAQ: MSFT), Alphabet Inc (NASDAQ: GOOGL) and Apple Inc (NASDAQ: AAPL) have also discussed cuts or a slowdown in hiring plans in response to surging inflation and fears of a recession.
Picture Credit: Forbes
ALSO READ:
Twitter investor sues Musk over busted $44 billion deal
Apple starts selling four-part bonds to fund buybacks, dividends
