Reports Indicate Oracle to Layoff Potentially Thousands


The Information reports that Oracle (NYSE:ORCL) has begun terminating workers around the country, including some in the San Francisco Bay Area.

The news source reported that although the precise number of layoffs is unknown, it would also affect workers in Canada, India, and other regions of Europe. 

It’s anticipated that there will be layoffs in the next weeks and months.

According to news reports from previous weeks, Oracle (NYSE:ORCL) was mulling “thousands” of layoffs and might save up to $1 billion in costs.

In midday trading, Oracle (NYSE:ORCL) shares decreased slightly less than 0.5 percent to $77.50.

Oracle (NYSE:ORCL) has yet to comment on the matter. 

According to recent reports, Microsoft (NASDAQ:MSFT) has contacted Google (GOOG) (GOOGL) and Oracle (NYSE:ORCL) in an effort to get them to talk the US government into distributing its contracts more widely to challenge Amazon’s (NASDAQ:AMZN) hegemony in the cloud computing market.

Featured Image: Megapixl @Michaelvi

Please See Disclaimer

About the author: A professional financial news writer with extensive experience writing a variety of content, including: informational articles on a wide range of subjects, and sales and marketing content that includes landing pages, sales letters, web pages, emails, press releases and more. I have also ghost-written numerous books. I started my career as a newspaper reporter and editor.