Oracle Layoffs
Oracle Considers Massive Job Cuts And Lay Off: Could 30,000 Jobs Be on the Chopping Block?
Oracle plans to transform the technology industry through its unexpected decision to eliminate between 20,000 and 30,000 jobs while considering the sale of its business assets. The American banking sector has stopped providing funds for Oracle’s planned AI data-center project, forcing the company to find emergency solutions.
The layoffs will enable the company to release between $8 billion and $10 billion in cash flow. The technology company also plans to sell its Cerner healthcare division, which has a market value of $28.3 billion. The tech industry may experience a domino effect, leaving you either surprised, anxious, or ready to watch how it unfolds.
Oracle’s $156 billion plan to expand artificial intelligence data centers is currently facing major financial difficulties. The US banking sector has reduced its lending activities, and the cost of borrowing has increased twofold since September, which has caused business transactions to stop and left private companies without assistance. Can Oracle sustain its ambitious plans for artificial intelligence development?
The technology company has secured $58 billion for its facility projects, which include locations in Texas, Wisconsin, and New Mexico. Asian banks enter the market to provide loans at high interest rates, yet the United States continues to experience a shortage of operational capacity.
What are the next steps for our organization? Will Oracle resolve its funding crisis to continue its operations, or are we observing the beginning of a significant transformation within the technology industry? Oracle has become the focus for investors, clients, and technology experts because the artificial intelligence developments at the company have entered an exciting new phase.
Oracle is facing its largest workforce reduction in several years, needing to eliminate between 20,000 and 30,000 jobs. The tech giant eliminated 10,000 jobs during its $16 billion business restructuring last year. The company has conducted multiple staff reductions since acquiring Cerner, its healthcare software division, including layoffs in 2023 that affected employees working on a Veterans Affairs contract. Employees and investors are asking which employees will be affected and to what extent the consequences will reach. The tech industry may experience major disruptions due to Oracle’s ability to retain essential staff. The first stage of the shockwave has already begun, but its full impact remains to be seen.
(With Inputs From Reuters)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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