Oracle May Layoff Thousands of Employees In August 2022 ( Latest Updates)

Oracle, a company that sells database and cloud services, has reportedly started letting people go. This is part of a plan to let thousands of people go in August, as the company prepares to report its results for the first quarter of this fiscal year.

The Information said that employees were told they would be fired and that thousands of jobs would be cut to save up to $1 billion.

As of May 31, the company had about 143,000 full-time workers, according to the company’s most recent annual report.

A report from Monday said that Oracle will lay off workers at its offices in the San Francisco Bay Area, but it didn’t say how many people would be affected. The report also said that people would likely lose their jobs in Canada, India, and some parts of Europe in the coming weeks and months.

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According to a Bloomberg report, most of the job cuts were in Oracle’s Advertising and Customer Experience (ACX) and Oracle Marketing Cloud divisions. This shows a pullback in customer analytics and advertising services. People with direct knowledge of the matter told Bloomberg that some workers found out on Monday that their jobs had been cut. Some of the people who were fired were entry-level salespeople and a division sales director.

Oracle May Layoff Thousands of Employees In August 2022
Oracle May Layoff Thousands of Employees In August 2022

Several Oracle employees wrote on LinkedIn that they were leaving the company. According to their profiles, most of these former employees lived in Austin, Texas, where Oracle is based, as well as Utah and New York.

The job market for US technology companies has been very unstable this year. Both established companies and new businesses have had layoffs and hiring freezes. In the last few months, a lot of people have lost their jobs at crypto exchanges like Coinbase, Gemini, and BlockFi, as well as at a number of tech start-ups.

As the economy slows, a lot of big tech companies have warned their workers that the company might shrink and they might lose their jobs. Amazon recently said that it has cut about 1 lakh jobs. Most of the cuts were made at its fulfillment centers and in its distribution network. More than 15 lakh people are still working for the e-commerce company. Brian Olsavsky, Amazon’s chief financial officer, said that the company had cut its net headcount by 27,000 in the past year during its most recent quarterly earnings call on July 28.

Tech giants like Meta, Alphabet, Salesforce, Netflix, Twitter, Intel, Lyft, and Uber have also announced hiring freezes or layoffs in recent weeks. This is because of pressure to cut costs, rising inflation, a bear market on the horizon, and rising interest rates.

Stay tuned to our website for more updates, Nog Magazine.