Oracle plans more layoffs this month, with some teams facing double-digit percentage cuts

Published Aug 12, 05:00 PM UTC

Oracle is planning additional job cuts this month, with some teams facing double-digit percentage reductions, according to Business Insider. The company aims to lower payroll before its second fiscal quarter begins September 1. This follows a fiscal year in which Oracle eliminated 21,000 full-time positions (13% of its workforce) while borrowing $43 billion for AI data center construction. Oracle's restructuring plan has a $2.1 billion budget, with $1.8 billion already spent, leaving about $300 million. Headcount stood at 141,000 as of May 31. The company attributed part of the decline to internal AI adoption and warned of further reductions. Capital expenditure surged to $55.7 billion, far exceeding cash generation, leading to $4.6 billion in interest expense. Cloud infrastructure revenue grew 77%, but the stock is down over 20% this year and shareholders have sued over borrowing disclosures.