Oracle laying off thousands of workers to cut costs amid AI push: report

Oracle on Tuesday reportedly began notifying employees that it is moving forward with a round of layoffs as the company looks to reduce costs.The layoffs number in the thousands, according to a report by CNBC that cited two people familiar with the matter.Oracle has recently ramped up capital spending to build artificial intelligence (AI) data centers, as the company looks to incorporate those tools into its business software services.The company's stock has been volatile over the last year amid the AI buildout, with shares up about 3.5% in the last year despite declines of 48% in the last six months and 25% year to date amid concerns that AI presents a competitive threat to software providers. Shares rallied over 4% during Tuesday's trading session on the layoff news.HSBC WEIGHS DEEP JOB CUTS AS AI OVERHAUL UNFOLDS: REPORTBusiness Insider reviewed copies of the layoff notification email sent to affected employees, which informed them that they will be eligible to receive a severance package after signing their termination paperwork."After careful consideration of Oracle's current business needs, we have made the decision to eliminate your role as a part of a broader organizational change," the email reviewed by the outlet said. "As a result, today is your last working day."META SLASHES ROUGHLY 700 JOBS; LAYOFFS HIT MULTIPLE TEAMS ACROSS THE COMPANYOracle's most recent 10-K filing noted that the company had about 162,000 full-time employees in May 2025.The company said in a March filing that it expects the total costs associated with its restructuring plan in fiscal year 2026 to be as high as $2.1 billion – most of which would go to employee severance and related expenses.META EYES MASSIVE 20% WORKFORCE CUT AS AI INFRASTRUCTURE COSTS CONTINUE TO SOAR ACROSS OPERATIONS: REPORTTech companies are reassessing their workforces amid the rise of AI as they look to shift resources to meet infrastructure needs.Meta announced layoffs affecting a few hundred people across multiple teams last week, and Reuters previously reported that Meta was planning sweeping layoffs that could affect 20% or more of its workforce.GET FOX BUSINESS ON THE GO BY CLICKING HEREReuters contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business