Oracle shed about 20k roles globally in the last year
5 hours ago
- #Tech Layoffs
- #Corporate Restructuring
- #AI Investment
- Oracle reduced its global workforce by approximately 21,000 roles (13% of employees) in the past year, as part of a restructuring focused on AI and cloud computing.
- The job cuts led to $1.8 billion in severance and restructuring costs, a sharp increase from the previous year's $374 million, and may cause productivity issues due to skilled worker shortages.
- Oracle is investing heavily in AI infrastructure, planning to spend at least $50 billion this year on data centers to support AI giants like OpenAI and Meta.
- The layoffs reflect a broader trend in the tech industry, with companies like Amazon, Meta, and Google collectively planning to invest hundreds of billions in AI while cutting thousands of jobs.
- Amazon announced plans to invest $200 billion in AI and cut 30,000 jobs, citing the need for a leaner organization as AI accelerates innovation.