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Curated from External Source
statesman.comWednesday, March 11, 20264 min read

Curated and analyzed by the JobGoneToAI team. Original reporting by statesman.com.

Oracle Plans Major Layoffs Amid AI Restructuring Efforts

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Oracle earnings: AI cloud demand drives revenue beat, $90B forecast

— statesman.com

Key Takeaway

Oracle is reportedly preparing for mass layoffs, potentially affecting 20,000 to 30,000 jobs, as the company restructures its workforce in response to advancements in AI technology. The layoffs are part of a broader strategy to streamline operations and reduce costs amid significant investments in AI infrastructure.

From the Original Report

Oracle Corp. campus in Austin on June 18, 2021. The company, which moved its headquarters to Austin in 2020, has announced it plans to relocate to Nashville. Ricardo Brazziell/Ricardo B. Brazziell / American- Austin-based Oracle Corp.

stock surged after trading Tuesday as the company's latest earnings report topped Wall Street expectations, slightly easing investors' anxiety over massive artificial intelligence spending.

Revenue in Oracle's closely watched cloud infrastructure business — which includes its AI and data center businesses — rose 84% to $4.9 billion in the quarter that ended Feb. 28, the company said Tuesday. The increase outpaced analysts’ expectations of 79% growth and accelerated from a 68% rise in the previous quarter.

Advertisement Article continues below this ad Earnings snapshot Revenue: $17.19 billion, compared to $16.91 billion expected Profit: Earnings per share: $1.79 per share, compared to $1.70 expected The earnings come amid reports that Oracle may scale back expansion plans for its Abilene AI data center with OpenAI and cut thousands of jobs.

This is an excerpt. Read the full article at statesman.com.

Original Source

Read original reporting at statesman.com

JobGoneToAI curates, verifies, and adds original analysis to third-party reporting. We link to the original source so you can verify the facts yourself.

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