Oracle stock drops nearly 3% on open in US markets

United States-based technology giant Oracle Corporation's stock opened down by nearly 3 per cent at $242.13 apiece on August 19, after closing at $249.07 the previous day. At 10.50 am local time, the stock was down -3.56 per cent to $240.20/each.

Notably, the stock was range-bound between $260-250 over the past 10 days, according to stock markets data.

Layoffs at Oracle

This comes amid reports that the tech giant is laying off employees across its units. On August 14, Oracle laid staff in its cloud unit amid heavy spending on its artificial intelligence (AI) infrastructure, Bloomberg reported.

Two sources told the publication that some of the 150 jobs cut were due to performance issues, and the company's Seattle unit continues to hire, two of the people said.

An Oracle spokesperson didn’t respond to multiple requests for comment, it added. However, in a June filing, Oracle said that it periodically makes changes to its workforce due to strategy changes, reorganisations or performance issues.

On August 19, it was reported that Mary Ann Davidson, Oracle's chief security officer, and among the highest ranking women in the cyber security space, is leaving the US tech giant as part of its latest reorganisation, Bloomberg reported citing a source in the know. The report said she did not respond to queries, till time of writing; and Oracle did not provide a comment on her departure.

Notably, there are also unconfirmed reports that Oracle is firing around 10 per cent of its India based staff in the layoff rounds. However, the company has not yet responded to media reports on the issue.

(With inputs from Bloomberg)

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