Oracle layoff: Cuts hundreds of jobs, withdraws job offers in its health unit

Software giant Oracle has sacked hundreds of employees, revoked the job offers and has also cut back on the open positions in the health unit, reported Insider. Companies across America are undertaking cost-cutting measures to battle the elevated inflation level and increasing interest rate.

As per Insider, the layoffs were largely due to Cerner's challenged work with the U.S. Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner's technology.

Oracle acquired Cerner, a firm that manages electronic medical records for $28.3 billion in December last year. This was Oracle's biggest deal ever made.

The laid off employees would be given a severance package that includes four weeks of pay, with one additional week for every year of service and a payout of vacation days.

Meanwhile, Oracle reported stronger than expected revenues and earnings in its fourth quarter and has forecasted an upbeat first quarter that is driven by growing demand for its cloud offerings from companies deploying Artificial Intelligence