Oracle is planning to lay off up to 1,000 jobs in Europe, according to a French labour union CFDT.
The decision was announced at the European Works Council and the Comité d’Entreprise France on 29th and 30th June, the union stated.
Oracle said that it has decided to cut jobs as the growth level remained lower than expected, and as the company wanted to maintain its operating margin to fund research, innovation, policy, and external growth through acquisitions, cited the union.
For the quarter ended May 31, Oracle reported a revenue fall of 5% to $6.86 billion but those numbers would have risen 4% if currency rates had been constant.
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According to a post on the CFDT union web site, the company has informed the union about the plans to cut between 850 to 1000 jobs in Europe out of the total 17,000 staff, out of which approximately 250 positions would be cut in France which currently has 1,600 employees.
The union said in a post, “this significant reduction in staffing is not justified by the financial health of Oracle and efforts by the employees hired for many years in Oracle France.”
