Home » US Employment News » Oracle’s latest wave of layoffs hit 201 California employees

Oracle’s latest wave of layoffs hit 201 California employees

By Nithya Bose in US Employment News, posted October 13, 2022

Oracle slashed 201 staffers in California, the latest round of layoffs in the Bay Area.

The cuts affect those at its former headquarters in Redwood City and Belmont office.

The company which previously shifted its headquarters to Austin, Texas, notified state officials of the layoffs last week.

Oracle stated in the state filing that its Redwood Shores office will stay open.

It was reported that the firm intended to axe thousands of its global headcount in order to save $1 billion.

In June, it paid $28 billion to acquire Cerner, a healthcare technology firm.

Oracle's layoffs are the latest in a wave of cutbacks, mainly in the tech sector, as the economy slows, inflation stays high, and interest rates skyrocket.

Gap said last month that it will reduce 500 jobs worldwide, including 111 at its San Francisco headquarters.

Cloud computing firm Twilio also announced 108 layoffs in the city as part of an 11 percent drop in its workforce.

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In August, Robinhood announced 146 layoffs in Menlo Park as part of a broader restructuring that will affect almost a quarter of the company's employees.

Google and Facebook parent Meta have set hiring freezes in response to a decline in online ad spending, which is at the heart of their businesses.

The counties of San Francisco and San Mateo shed roughly 2,500 jobs in August compared to the previous month, the first decline in nearly a year.

Source: San Francisco Chronicle

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