Overview
- The company told staff by email on Tuesday that their roles were eliminated, with the message stating “today is your last day of work.”
- Roughly 10,000 employees are affected across units such as Oracle Health, Cloud, Sales and NetSuite, a significant cut for a company that listed about 162,000 workers last year.
- Laid-off staff were told their computer and email access would be disabled within hours and were offered about one month of pay as severance.
- Oracle framed the reductions as part of a reorganization tied to its AI strategy, with plans reported by the Wall Street Journal to spend at least $50 billion this year on AI infrastructure.
- Shares rose about 2.5% in mid-day trading after the news, and the company declined to comment to U.S. outlets.