Oracle Corp. has reportedly begun the process of laying off employees in the US, as a part of a cost cutting and restructuring exercise. Employees at its San Francisco Bay Area offices will be impacted right now, but the exact number that will be rendered jobless is yet to be revealed.
At the end of May, Oracle had a 1,43,000-strong global workforce, as revealed by its annual report.
In the coming weeks, more employees may be asked to leave in India, Canada and Europe.
Jobs were cut in the analytics and advertising division, and the customer experience division was also reorganised as per some posts on social media. Some positions in marketing are also impacted.
According to Bloomberg, Oracle is looking towards healthcare as part of its bid to perform in the competitive market for cloud technology.
Earlier, the Company had acquired Cerner Corp., a digital medical records company, in a $28.3 billion deal. This was an attempt to tap customers in the healthcare industry that is only just waking up to cloud database technology.
While details of the layoffs are yet to be officially announced, the shares of the Company have declined less than one per cent and closed at $77.44 in New York on 1 August, 2022.
With fears of recession looming large, many large organisations have already slowed down hiring or put a freeze on it altogether.