Sources Say Oracle (ORCL) Cut 500 Jobs on Friday
Oracle (Nasdaq: ORCL) is now the next big tech company to reduce its workforce, according to reports coming from The Wall Street Journal. In an effort to cut costs, sources have indicated that the company cut around 500 positions from its North American sales and consulting units on Friday. The WSJ said it is unclear whether the company is planning more job cuts.
According to the WSJ article, worldwide spending on IT services are expected to slide 3% on a year-over-year basis this year, with software sales remaining flat from 2008.
Shares of Oracle are down 2.7% to $16.67 this morning.
Oracle Corporation, an enterprise software company, engages in the development, manufacture, distribution, servicing, and marketing of database, middleware, and application software worldwide.
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