March 31 (Reuters) – Cloud computing firm Oracle (ORCL) is shedding thousands of staff, CNBC reported on Tuesday, citing two folks aware of the matter.
The firm declined to touch upon the job cuts, though a number of social media customers shared particulars on platforms corresponding to Reddit, X and nameless office community Blind, triggering uncertainty and confusion amongst staff.
The layoffs come amid Oracle’s aggressive push to ramp up spending on artificial intelligence infrastructure to higher compete with rivals, corresponding to Alphabet and Amazon that additionally provide cloud providers.
In a March submitting, Oracle mentioned it expects whole prices related to its fiscal 2026 restructuring plan to be as excessive as $2.1 billion, primarily for worker severance and different associated bills.
Shares of the corporate have been up greater than 5% in afternoon buying and selling. They have fallen about 29% to date this yr. Oracle had about 162,000 full-time staff globally as of May 2025.
More than 70 tech corporations have lower round 40,480 jobs to date this yr, in line with tracker Layoffs.fyi, heightening fears of AI-driven disruption amongst employees.
Several corporations that lower jobs in latest months mentioned they would reallocate sources towards AI efforts.
Last week, Meta laid off a couple of hundred folks throughout a number of groups, a supply advised Reuters. Earlier this month, Reuters had reported that Meta was planning sweeping layoffs that might have an effect on 20% or extra of its workforce.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Diti Pujara)