Key Points:
- Technology and software company Oracle has decided to lay off many employees.
- The company announced on Monday, 1 August 2022, that they are doing this to strategically cut costs by $1 Billion.
- Oracle is targeting its San Francisco office primarily, followed by other offices all over the world, like in Canada, India, and other European countries.
Software development firm Oracle announced to the press on Monday, 1 August 2022, that it has planned to lay off many employees in a bid to lower operational costs. The company stated that it’s looking forward to reducing its annual operational expenditures by $1 Billion.
Executive Chairman Larry Ellison, one of the richest men in the world, has mentioned to Bloomberg that the company is looking forward to laying off its employees en masse. This will be done mostly from departments like Junior Sales and Customer Experience Management.
This decision and layoffs have been primarily targeted to the offices in the USA, like its San Francisco bay area offices. It also targets many offices in other countries like Canada, India, and many European countries as well, like the UK.
However, the company has so far not yet commented on how many people will be sacked in the upcoming months.
This decision has sparked a mass sacking movement by Microsoft. Google, and Apple. These technology giants are also planning to reduce their recruitment process and operational costs to prepare for a recession in the near future.
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