Oracle Considered $1 Billion In Cuts, ‘Thousands’ Of Layoffs: Report

According to a report by The Information, Oracle recently considered reducing its costs by up to $1 billion. As a result, it could be letting go of thousands of its employees as soon as August.

These layoffs could occur after Oracle, a Texas-based company, closed its $28 billion acquisition of Cerner. 

According to Cerner's website, the acquisition brought in approximately 28,000 employees. This was to increase the company's presence in the healthcare technology sector.

According to the report, an Oracle spokesperson familiar with the situation stated that layoffs could have a "disproportionately adverse impact" on workers in Europe and the U.S. 

The cuts would include marketing software for customer service and employees in e-commerce.

These potential savings are also possible because Oracle actively invests in TikTok (a popular video app), which chose the Oracle platform in 2020.

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The report also stated that two Oracle senior executives were leaving the company simultaneously. 

According to reports, CMO Ariel Kelman, who came from AWS two years ago, has been leading the team that works with TikTok. Juergen Lindner is the senior vice president of SaaS marketing. 

According to the report, the team faces a possible reorganization and job cuts. However, a source from Oracle confirmed the departures. 

Oracle is not the only company laying off staff this summer. Many public companies and startups announced plans for layoffs to save cash while the market recovers. 

IronNet, a cybersecurity technology company, announced in June that it would lay off approximately 17 percent of its total workforce by the end of the month.