Reports said that Oracle will reduce workers across the U.S., Canada, India, and some parts of Europe.
Oracle Cuts Workforce
Oracle is laying off employees in its U.S. customer experience division, a move that suggests a slowdown in the company's consumer analytics and advertising services. The customer experience division has long lagged behind the growth of the rest of the software company, according to Bloomberg.
Four individuals with direct knowledge of the situation claim that certain employees received notice on Monday that their roles had been eliminated. A division sales director and junior employees were among those let go, according to a source who asked to remain anonymous.
One former employee claimed that although there had been rumors of impending layoffs in the division in recent weeks, management had assured them that their jobs were secure.
Meanwhile, Reuters (via The Information) reported that following its goal of making cost reductions of up to $1 billion, Oracle was considering eliminating thousands of positions from its global workforce.
According to the company's most recent annual report, as of May 31, there were around 143,000 full-time employees.
A separate The Information report also said layoffs are also anticipated in the upcoming weeks and months in Canada, India, and other regions of Europe.
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Other Tech Companies Also Cut Their Workforce
Oracle is not the only tech company which announced staff retrenchment this year.
Car manufacturer Ford reportedly plans to focus on electrification by cutting one-fourth of its employees. The company is prepared to lay off up to 8,000 salaried employees, or roughly one-fourth of its present employment in the U.S., due to the rising demand for electric vehicles (EVs). To help finance its drive into EV manufacturing, The Blue Oval wants to cut $3 billion in operational costs by 2026.
Reductions in staff were recently revealed by yet another automaker. Elon Musk, the CEO of Tesla, recently announced that he intended to downsize the staff by 10% because he had an awful feeling about the state of the economy. As a result, Tesla has started to drastically reduce its workforce.
The economic slump has an impact on more than just auto manufacturers. While canceling forthcoming augmented reality (AR) games and projects, Pokemon Go creator Niantic conducts staff reductions. Chief Executive Officer (CEO) John Hanked informed the workers that the gaming company is currently letting go of about 8% of its employees. To be more specific, the Niantic CEO further estimates that it, regrettably, impacts anywhere between 85 and 90 staff.
Several crypto companies also disclosed worker reductions. The market's current condition is acknowledged to be the primary cause of the recent wave of corporate layoffs.
Gemini has announced that they are laying off 10% of their workforce as of June. The crypto company has an estimated 1,000 employees, which means 100 of them might be let go.
Meanwhile, Coinbase announced they would lay off 18% of their workforce, or about 1,100 people.
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