Oracle Begins U.S. Lay-Offs – The Information
2022.08.01 21:06
Oracle (ORCL) Begins US Lay-Offs – The Information
By Sam Boughedda
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 states the company planned thousands of job cuts for its global workforce in July after discussing cutting $1 billion in expenses.
While they are unsure of the number of staff impacted, layoffs in Canada, India, and parts of Europe are anticipated.
The cuts come as Oracle invests to serve TikTok, one of its newest cloud customers, which is a key contract for the company. However, The Information adds that expanded data center-related purchases for Oracle’s cloud business impacted its free cash flow, falling 63% to $5 billion in the year ended May.
Oracle shares are down over 12% in 2022, after a 0.9% fall so far during Monday’s session.
