Sources: Oracle cuts hundreds of jobs, rescinds job offers in its health unit

Software firm Oracle (ORCL.N) on Thursday laid off hundreds of employees, rescinded job offers and cut back open positions within its health unit, the Insider reported, citing three people familiar with the matter.

The layoffs follow thousands of cuts in corporate America as companies wrestle with elevated levels of inflation and rising interest rates.

Oracle's health unit includes electronic medical records firm Cerner which it acquired for $28.3 billion, its biggest ever deal, in December last year.

The layoffs were largely due to Cerner's challenged work with the U.S. Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner's technology, the report said.

The laid-off employees will receive severance pay equal to four weeks, plus one additional week for every year of service and a payout of vacation days, the report added.