Oracle To Trim Work Force
Mar. 20, 2001
REDWOOD SHORES, Calif. (AP) _ Computer software giant Oracle Corp. Tuesday said it will trim its work force by up to 2 percent, or 900 jobs, in an attempt to bolster its sagging profits.
Redwood Shores-based Oracle said the job cuts would range between 1 and 2 percent of its work force. The company had 43,300 employees as of Feb. 28.
Oracle plans to make the cuts through a combination of attrition and job reviews.
The cutbacks come as no surprise. Without providing specifics, Oracle CEO Larry Ellison advised industry analysts last week that the company would shave its payroll in the face of a business slowdown that management expects to last through the rest of this year.
Oracle's job reductions aren't as severe as those recently announced by other Silicon Valley giants such as Intel Corp. and Cisco Systems Inc.
But Oracle had been streamlining even when its business was booming. In its fiscal year ending in May 2000, the company eliminated 2,500 jobs, representing 6 percent of its work force.
Shares of Oracle fell $1.06, or nearly 7 percent, to $14.38 on the Nasdaq Stock Market, amid a sharp downturn in the stock market.