Oracle Starts To Lay Off Employees Ahead Of Earnings: Report
Wade Tyler Millward
On LinkedIn, at least nine people posted about getting let go from Oracle, with at least three people let go from Oracle’s Advertising and Customer Experience (ACX) team.
Oracle has reportedly started to lay off employees, part of a plan to let thousands of employees go as early as August as the database and cloud services vendor gets ready to report results for the first quarter of its fiscal year.
The Information first reported that employees received notifications today of getting laid off as well as the plan to cut thousands of jobs to save up to $1 billion.
CRN has reached out to Oracle for comment.
Did Oracle have layoffs?
On LinkedIn, at least nine people posted about getting let go from Oracle, with at least three people let go from Oracle’s Advertising and Customer Experience (ACX) team. One person posted about getting laid off from Oracle Marketing Cloud. The former employees were located in Austin, Texas – Oracle’s headquarter city – as well as Utah and New York, according to their profiles.
Oracle cutting from an ads-focused team would be in line with struggles reported by Microsoft as the United States faces record inflation and a potential recession.
This month, during Microsoft’s fourth fiscal quarter earnings report, Chief Financial Officer Amy Hood said that “reductions in advertising spend” that “impacted LinkedIn Marketing Solutions and search and news advertising revenue by more than $100 million.”
The company’s search and news advertising revenue increased by 18 percent year over year, with no exact amount given, “lower than expected, driven by the slowdown in advertising spend,” Hood said.
Microsoft expects weakness in advertising spending to continue into the current fiscal quarter, Hood said.
On the other hand, Google parent company Alphabet reported this month year-over-year increases in its YouTube ads and Google advertising businesses, according to a company statement.
Oracle’s reported layoffs come after the vendor closed its $28 billion acquisition of Cerner to give the company a deeper presence in the healthcare technology space. The acquisition brought in about 28,000 Cerner employees, according to the company‘s website.
Oracle is expected to report earnings for the first quarter of its 2023 fiscal year in September.