Oracle is reportedly conducting a significant global workforce reduction, with estimates suggesting 20,000-30,000 job cuts, representing approximately 18% of its workforce. The restructuring is linked to the company's strategic shift toward AI investment, with reports indicating India has been heavily impacted, facing around 10,000 layoffs. This move occurs despite Oracle reporting strong quarterly income.
- Investment bank TD Cowen estimates Oracle is cutting 20,000-30,000 jobs globally, roughly 18% of its ~162,000 workforce.
- Sources report approximately 10,000 of these layoffs have occurred in India, affecting divisions including Oracle Financial Software Services.
- The restructuring is described as part of Oracle's strategic pivot toward artificial intelligence investment.
- The job cuts are reported despite Oracle posting a substantial $6 billion quarterly income.
- The company's stock has reportedly declined significantly, with some reports linking investor concern to the cost of its AI push.
Source: Oracle cuts 30,000 Jobs in AI Shift; Indians Reportedly Hit Hardest | Vantage on Firstpost | N18G by Firstpost
