With just days before the start of the week-long Chinese New Year holiday, some Chinese technology workers are set to lose their jobs at an iconic American tech company.
Oracle will reportedly cut about 200 research and development jobs in Beijing and the laid-off employees were asked to complete exit procedures by March 31, 2017.
Oracle will integrate its research and development businesses to focus on a cloud computing direction, so product teams in some markets will be axed.
Oracle's latest financial report for the second quarter of 2017 financial year showed that by November 30, 2016, the company's operating revenue was USD9.035 billion, which was basically on the same level as the same period of the previous year. Basing on GAAP, the company's net profit was USD2.032 billion, representing a year-on-year decrease of 8% from USD2.197 billion.
Meanwhile, the company reported USD1.053 billion operating revenue for comprehensive cloud business, a year-on-year increase of 62% from USD649 million. This indicates the company's successful transformation to the cloud computing direction.