Market Chatter: Oracle Plans to Layoff Thousands Amid Cash Crunch From Data Center Expansion

MT Newswires Live02:35

Oracle (ORCL) is planning to cut thousands of jobs as the company works to better manage a cash crunch owing to its massive artificial intelligence data center expansion effort, Bloomberg reported Thursday, citing people familiar with the matter.

The layoffs are set to affect divisions across the company and may be enforced as soon as this month, the sources told the media outlet.

Earlier this week, Oracle announced internally that it will be reviewing many of its job listings in its cloud division, as the company looks to slow down or freeze its hiring process, according to the report.

Oracle did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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