Oracle to lay off thousands of employees to save $1 billion

The American supplier of enterprise software and server equipment Oracle plans to cut several thousand employees. So the company expects to reduce annual costs by.1 billion, writes the Information.

Starting in August, Oracle will start laying off thousands of employees to reduce annual costs by.1 billion. Layoffs will affect the United States and Europe, and the reduction will primarily affect specialists in marketing and e-commerce departments.Details

The company explains this decision by increasing costs. In early June, Oracle acquired Cerner, a developer of digital systems for medical institutions, for.28.3 billion. After the closure of this agreement, 28 thousand employees joined Oracle. In addition, Oracle is investing in its cloud service to serve TikTok.

Two top managers will also leave Oracle: Chief Marketing Officer Ariel Kelman, who leads the TikTok team, and senior vice president of SaaS marketing Jurgen Lindner.

Oracle will also lay off all employees of the Russian office by August 31. The company announced its withdrawal from the Russian market in March, but did not immediately lay off its employees.