Oracle started laying off employees on Tuesday, according to two affected workers and several social media posts.
The cuts appear to have affected employees globally, but the full extent of the layoffs could not be immediately learned. Several people posted on LinkedIn on Tuesday to announce they had been impacted by the layoffs.
An Oracle spokesperson declined to comment.
The cuts come as Oracle seeks to curb costs. Earlier this month, Oracle executives told investors not to worry about its significant data center spending because the company is “very, very good” at cost-cutting.
In January, Business Insider reported that Oracle was struggling to find financing for Stargate, its $500 billion data center initiative with OpenAI. In February, Oracle announced a $50 billion debt raise to help fund its infrastructure buildout.
Oracle’s stock has dropped nearly 30% this year. Fears that AI will replace traditional software tools have driven a broad sell-off of software stocks. On an earnings call earlier in March, Oracle Chairman Larry Ellison downplayed those fears, telling analysts he believes the so-called SaaSpocalypse will be a problem for other companies, but not his.
This is a developing story.
Have a tip? Contact this reporter via email at astewart@businessinsider.com or Signal at +1-425-344-8242. Use a personal email address and a nonwork device; here’s our guide to sharing information securely.
Read the full article here
