SAN JOSE, Calif. (KRON) — Oracle, the tech company that used to be headquartered in Redwood City and is now based in Austin, is reportedly undergoing mass layoffs. Employees who have been laid off by the company are sounding off on social media.
“From the most part what I have heard, they are cutting in their marketing or sales,” said Ralph Aceves, CEO of Hacker Strike.
Aceves has been in the Bay Area tech industry for 40 years. He said tech companies can outsource financial services and marketing that are not core to their business but will most likely not be laying off engineers any time soon.
“You don’t want to get to a point where you need to cut engineering, because it’s very difficult to get good talent, so you want to protect those employees as much as you can,” said Aceves.
The reports of layoffs at Oracle come as major tech companies continue to announce cuts. Google announced last month they will slow hiring for the rest of the year and Tesla recently laid off over 200 people.
Aceves said as the U.S. economy, inflation and interest rates go up, companies are trying to become more efficient. “We did not anticipate the economic problems we have now,” said Aceves.
KRON4 reached out to multiple people at Oracle but did not get a response to our request for comment.