Oracle cuts 21,000 jobs to fund AI expansion through debt

Oracle reduced its workforce by 21,000 employees (12.9 percent) in the fiscal year ending May 31, according to a recent SEC filing. The company stated that the adoption and deployment of AI technologies led to these workforce reductions. The layoffs helped finance Oracle's debt-fueled AI investments, as its headcount fell from 162,000 to 141,000 full-time workers.