Oracle on Tuesday conducted a round of layoffs affecting thousands of employees, citing “current business needs,” according to multiple reports, resulting in a rise in the software maker’s stock as it plans to ramp up spending on AI this year. The company reportedly cited its “current business needs” in its decision.AP2012Key FactsOracle notified thousands of employees they would be cut on Tuesday, CNBC reported, citing people familiar with the move. It’s not immediately clear why the employees were let go, though a company memo obtained by Business Insider cited “careful consideration of current business needs.” Oracle employed 162,000 people as of May 2025, the last time the company reported employment figures, according to a Securities and Exchange Commission filing. Shares of Oracle rose by 2.5% as of noon Tuesday, marking positive traction for the stock that has declined more than 27% this year. An Oracle spokesperson declined to comment on the layoffs to Forbes.
Published: March 31, 2026 4:14 pm
Source: Forbes — Read original