Oracle Declares Redundancies, Cuts 1,000 Jobs
Oracle Declares Redundancies, Cuts 1,000 Jobs
Based on reports by trade union CFDT, Oracle plans to trim down 1,000 workers across Europe. The firm attributed the redundancies to lesser revenue growth and its aim to keep a balanced operating margin to finance research, innovation, policy and external growth through acquisitions.Oracle declared a slight dip in sales and profit for the last financial quarter. Revenues slumped by five percent, while net income dropped by a larger seven percent.
CFDT said the job cuts will most likely cover Oracle's European offices, accounting to 850 to 1,000 jobs. Last January, the company is reported to have axed 10 percent of its workforce. Oracle did not confirm nor deny the reports.
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