00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Oracle cut thousands of employees after reporting $6.13 billion in net income
00:07as the company moves to fund AI infrastructure spending.
00:11Roughly 18% of its global workforce received termination emails on Tuesday
00:15with immediate system access cuts and no prior notice.
00:19TD Cowan estimates 20,000 to 30,000 layoffs and projects the cuts
00:23could free $8 billion to $10 billion in cash flow
00:26for a $156 billion data center build-out.
00:30Remaining performance obligations reached $553 billion,
00:35driven by a deal worth over $300 billion.
00:38Oracle added $58 billion in debt in two months,
00:42while banks pulled back from financing.
00:44The stock is down more than 25% year-to-date
00:47as layoffs accelerate across the sector.
00:50For all things money, visit Benzinga.com.
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