Oracle has stepped up preparations to cut jobs over the coming months as it credits AI with driving efficiencies in its team and conserves cash to fund its costly push into data centres.
The database group founded by Larry Ellison has set aside an additional $500mn to cover restructuring costs, according to a filing with the US Securities and Exchange Commission on Wednesday following its third-quarter earnings report.
That increase pushes its restructuring funds to $2.1bn for the fiscal year, significantly larger than previous years, meaning it could cut thousands of roles.
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