Shares of Oracle surged as much as 5.21% after the opening bell on Wednesday, August 12 amid reports stating that the tech giant is planning another round of layoffs as it seeks to cut workforce while spending billions of dollars to build AI capabilities.
These job cuts layoffs will likely imapct double-digit percentages of employees on some teams, according to a report by Business Insider, citing people familiar with the matter.
Layoffs typically reduce operating expenses, coming as Oracle plans to raise roughly $40 billion in fiscal 2027 through a mix of debt and equity to fund its massive AI data centre expansion.
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