As the world’s biggest companies move more of their workload to the cloud, Oracle CEO Mark Hurd told CNBC “Don’t expect mass layoffs of IT workers.”
“I don’t know if it is so much reductions,” he said on Squawk Alley. “I think it is the reapplication of that talent to different opportunities to the customer.”
More than 80 percent of Oracle’s customers’ budgets are used just to keep existing systems running, he said. “It isn’t just a displacement, it’s a reapplication of that spending and that talent to higher order tasks,” he added.
Oracle is transitioning from its database business to cloud computing and software as a service (SaaS) to compete with the likes of Amazon Web Services, Microsoft Azure and Salesforce.
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