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    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

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    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    McDonald’s reopens restaurants in Ukraine after six months

    McDonald’s reopens restaurants in Ukraine after six months

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC downgrades oil demand outlook for the remainder of 2022

    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

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    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    Janet Yellen: “We are not seeing a recession at this time”

    Janet Yellen: “We are not seeing a recession at this time”

    Inflation in the eurozone was 8.9% in July

    Inflation in the eurozone was 8.9% in July

    U.S. consumer spending rises more than expected

    U.S. consumer spending rises more than expected

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    General Motors stock suffers due to supply problems

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    Callaway cuts earnings even on record revenues: good entry point

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

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    The price of coal is soaring: By investing in this company, you can benefit from the rise

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    Farmland: Why are the rich investing in it?

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    Jefferies anticipates difficulties for Lululemon: there is room to wait

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    Mining companies earned millions in 2021: How to invest in them in 2022?

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    A textbook exit scam: the Juicy Fields case in detail

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    Which are the best dividend paying stocks in the S&P 500?

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    Electric cruise ships: a business niche about to set sail

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

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    Why are Apple and Google fighting over the color of bubbles?

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    Spotify’s financial results exceed expectations

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    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

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    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

  • CryptocurrenciesTRENDING
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    Cryptocurrency market: How to segment it?

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  • Home
  • News
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    McDonald’s reopens restaurants in Ukraine after six months

    McDonald’s reopens restaurants in Ukraine after six months

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC downgrades oil demand outlook for the remainder of 2022

    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

  • Markets
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    Janet Yellen: “We are not seeing a recession at this time”

    Janet Yellen: “We are not seeing a recession at this time”

    Inflation in the eurozone was 8.9% in July

    Inflation in the eurozone was 8.9% in July

    U.S. consumer spending rises more than expected

    U.S. consumer spending rises more than expected

  • Investing
    General Motors stock suffers due to supply problems

    General Motors stock suffers due to supply problems

    Callaway cuts earnings even on record revenues: good entry point

    Callaway cuts earnings even on record revenues: good entry point

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    The price of coal is soaring: By investing in this company, you can benefit from the rise

    Farmland: Why are the rich investing in it?

    Farmland: Why are the rich investing in it?

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Jefferies anticipates difficulties for Lululemon: there is room to wait

    Mining companies earned millions in 2021: How to invest in them in 2022?

    Mining companies earned millions in 2021: How to invest in them in 2022?

    A textbook exit scam: the Juicy Fields case in detail

    A textbook exit scam: the Juicy Fields case in detail

    Which are the best dividend paying stocks in the S&P 500?

    Which are the best dividend paying stocks in the S&P 500?

  • Technology
    Electric cruise ships: a business niche about to set sail

    Electric cruise ships: a business niche about to set sail

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    why are Apple and Google fighting over the color of bubbles?

    Why are Apple and Google fighting over the color of bubbles?

    Spotify’s financial results exceed expectations

    Spotify’s financial results exceed expectations

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

    Blockchain emerging as an alternative to SWIFT

    Blockchain emerging as an alternative to SWIFT

    Wages in the metaverse will be 50% higher, says study

    Wages in the metaverse will be 50% higher, says study

    $100 billion in revenue for China’s telecommunications industry

    $100 billion in revenue for China’s telecommunications industry

    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

    Germany’s Volkswagen to overtake Tesla in sales by 2024, according to Bloomberg

  • CryptocurrenciesTRENDING
    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Director of the Central Bank of Brazil highlights the advantages of Bitcoin

    Director of the Central Bank of Brazil highlights the advantages of Bitcoin

    Crypto massification is inevitable, says Vitalik Buterin

    Crypto massification is inevitable, says Vitalik Buterin

    Cryptocurrency market: How to segment it?

    Cryptocurrency market: How to segment it?

    UK court finds Craig Wright’s claims “false”

    UK court finds Craig Wright’s claims “false”

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Solana opens an exclusive store in New York

    Solana opens an exclusive store in New York

    Bitcoin developer wants currency to have “infinite supply”

    Bitcoin developer wants currency to have “infinite supply”

    Titanium Blockchain CEO Pleads Guilty to Fraud

    Titanium Blockchain CEO Pleads Guilty to Fraud

INVESTOR TIMES
Home News

Oracle joins the wave of layoffs in large companies

The database company already started laying off staff in May but the cuts are expected to be much larger than expected

Eric Nesich by Eric Nesich
8/1/2022 - 16:07
in News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • Oracle plans to cut numerous jobs.
  • The main layoffs will be in the U.S. but will also take place in other countries.
  • The company plans to save $1 billion in costs.

According to the U.S. Department of Labor, the labor market is showing strength and there is no widespread unemployment crisis. The White House maintains the same argument and even claims that there is no recession in the country despite two consecutive quarters of declining GDP.

The reality is that many companies are cutting jobs as a result of the economic crisis. Ford, Tesla, Microsoft, Alphabet, Apple and social networking companies such as Snapchat or Facebook (Meta Platforms) have also had to lay off workers due to rising costs and the incipient recession.

Adding to this long list today is technology company Oracle Corp, which announced Monday that it is considering eliminating thousands of jobs in all its subsidiaries to save $1 billion in costs.

The company has 143,000 full-time employees, at least as of its latest annual report dated May 31. The United States is the country where most job cuts will be made. These will also extend to other markets such as Canada, India and Europe.

The history of layoffs at the company began in the advertising unit in May, where 60 people were laid off. The cuts included senior executives and marketing leaders. Another unit in the crosshairs of job cuts is Oracle CX/Marketing Cloud.

In its last report released in May, the company spent $191 million in restructuring costs, all related to employee severance payouts. In 2021, it spent $431 million on such costs.

The cuts are coming as Oracle won regulatory approval for its $28 billion purchase of medical records company Cerner. The Cerner employee takeover is costing the computer company another $20 billion.

The database company reported earnings in June, which beat market expectation. It had a 5% year-over-year revenue increase and cloud revenue of $2.9 billion.

Its core cloud business is Oracle Cloud Infrastructure. But the platform still trails Amazon Web Services, Microsoft and Google Cloud in user preference.

Tags: companiesNasdaqOraclerecession

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Last published articles

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