Oracle layoffs: Stock price rises as sudden job cuts shock employees

The SaaS tech giant has been under pressure to cut costs to fund its large AI data center buildout, while also pivoting to become a cloud computing provider.

[Photo: Michael Short/Bloomberg via Getty Images]

Another round of layoffs has hit the tech industry, this time at SaaS giant Oracle Corporation (NYSE: ORCL).

The job cuts reportedly came out of the blue for most affected employees, with many receiving an early-morning email announcing their job loss just hours before they were scheduled to go into the office.

Here’s what you need to know.

On early Tuesday morning, Oracle employees around the world began reporting on social media that they had received an email from the company informing them that their employment had been terminated.

According to these reports, the emails began arriving in employees’ inboxes at around 6 a.m. local time.

It was not immediately clear how many employees were laid off and which divisions and locations were most affected. When reached by Fast Company, an Oracle spokesperson declined to comment.

What Oracle has told affected employees

Oracle hasn’t publicly stated a reason for this specific round of layoffs, and in the emails it sent to employees, the company didn’t get into specifics. 

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