Oracle Reportedly Plans Thousands Of Layoffs Amid Growing AI Spend
Synopsis
According to a report from Bloomberg, citing people familiar with the matter, the layoffs are likely to be announced as soon as this month.
Oracle Corp. is reportedly planning to cut thousands of jobs across the board, likely to be announced as soon as this month.
According to a report from Bloomberg, citing people familiar with the matter, the layoffs are to offset a cash crunch amid the company’s large artificial intelligence data center expansion expenditures.
The layoffs are reportedly expected to be far more than Oracle’s usual rolling job reductions, and some of them will include cutting back on categories that can be bolstered using AI.
Shares of ORCL were up about 0.5% at the time of writing.
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