2023-06-16 00:51:18
Informed sources reported that Oracle laid off hundreds of employees on Thursday, in addition to stopping offers of vacant jobs in its health unit.
The new wave of layoffs coincides with similar measures by many US companies in light of their struggle with high levels of inflation and high interest rates.
Oracle’s health unit includes electronic medical records company Cerner, which it acquired last December for $28.3 billion in the largest deal in its history.
The sources attributed the dismissal of employees to Cerner’s contract with the US Department of Veterans Affairs to replace and update its internal records using the company’s technology, and added that the employees to be given up their services would receive an end-of-service reward equal to four weeks, in addition to one additional week for each year of service and pay a balance. Vacations.
Oracle had recorded an increase in its revenues until last May by regarding 17 percent to $13.8 billion, according to its quarterly business results, which were issued in early June.
(Archyde.com)
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