Oracle is reportedly making cuts to its United States analytics and advertising division this week as the company wrestles with economic shortcomings.
Employees for Oracle's U.S. customer experience division were laid off from the company on Monday after being informed their positions were eliminated, according to Bloomberg. Junior sales employees and a division director were a part of the eliminated positions.
Rumors and reports of mass layoffs had been circulating internally in Oracle and in the media prior to Monday. In July, a report stated the Austin, Texas-based technology giant planned to cut up to $1 billion in cost by letting thousands of workers go as soon as August, according to The Information.
Oracle did not immediately return Fox Business' request for comment.
A former senior manager of sales engineering claimed on LinkedIn that the layoffs were a part of the software company's attempts to "reorganize" the customer experience division and "move on from several solutions." Bloomberg noted that marketing positions were also cut as a part of Oracle's job reductions.
The initial report of layoffs in July stated that eliminations of jobs would also take place in Oracle's divisions in India, Canada, and Europe, although the exact timeline remains unclear. The company closed at $77.44 on Monday following reports of the layoffs and opened on Tuesday at $76.99.
The layoffs come months after Oracle obtained all the required antitrust approvals for their $28 billion acquisition of Cerner, a medical record technology company.
"Working together, Cerner and Oracle have the capability to transform healthcare delivery by providing medical professionals with a new generation of healthcare information systems," Oracle's Chairman Larry Ellison said in a statement at the time. "Better information enables better treatment decisions resulting in better patient outcomes. Our new, easy-to-use systems are designed to lower the administrative workload burdening our medical professionals while improving patient privacy and lowering overall healthcare costs."