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Oracle lays off 21,000 people due to AI applications, debt-driven cloud infrastructure investments

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ME AI News, Oracle laid off 21,000 employees in the fiscal year ending May 31, reducing the total workforce to 141,000, a decrease of 12.9%. The company states that the adoption of AI technology has led to workforce reductions, while restructuring costs reached $1.8 billion, a year-over-year increase of 481%. Oracle plans to raise $45 to $50 billion through debt and equity by 2026 to expand Oracle Cloud Infrastructure, serving clients such as OpenAI, xAI, AMD, Nvidia, and Meta. The company's debt exceeds $120 billion. Analysts point out that layoffs help improve cash flow, but Oracle also admits that large-scale layoffs may bring risks such as decreased productivity, talent shortages, and lowered employee morale. 🔗 Read the original article:
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