According to people familiar with the matter, Oracle is planning to lay off hundreds in its Cerner unit, as well as rescind job offers and cut back open positions, Reuters reported June 15.
Those who are laid off will receive severance pay equal to four weeks, with one additional week for every year of service, and a payout of vacation days, according to Reuters. The publication did not disclose how many employees would be affected.
This marks the company's third layoff in the Cerner unit.
The news comes after Oracle released its financial report for fiscal year 2023 with the EHR vendor, which was acquired by Oracle on June 8, 2022, contributing $5.9 billion to the company's total revenues.
Oracle did not respond to the publication's request for comment. The news was first reported by Business Insider.
Becker's reached out to Oracle for comment.