Oracle began laying off employees on Tuesday, according to two affected employees and multiple social media posts.
The layoffs appear to be affecting employees around the world, but the full extent of the layoffs was not immediately known. On Tuesday, several people posted on LinkedIn to announce that they were affected by the layoffs.
An Oracle spokesperson declined to comment.
The job cuts come as Oracle seeks to cut costs. Earlier this month, Oracle executives told investors that the company doesn’t need to worry about large data center spending because it’s “very good” at cutting costs.
In January, Business Insider reported that Oracle was struggling to raise funding for Stargate, its $500 billion data center plan with OpenAI. In February, Oracle announced it would borrow $50 billion to finance infrastructure construction.
Oracle stock has fallen nearly 30% this year. Concerns that AI will replace traditional software tools have caused a sharp decline in software stocks. Oracle Chairman Larry Ellison downplayed those concerns during an earnings call in early March, telling analysts that he believes so-called “SaaSpocalypse” is a problem for other companies, but not for Oracle.
This is a developing story.
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