Taking a look at the Oracle 10Q shows the plan for the big lay off party starting in June 2022. On page 14 the plans to let go of Oracle employees are spelled out.
"The total estimated restructuring costs associated with the 2022 restructuring Plan are up to $353million and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred. we recorded $117million of restructuring expenses in connection with the 2022 restructuring Plan in the first nine months of fiscal 2022 and we expect to incur the majority of the estimated remaining $236 million ..."
So we have 236 Million for FY 23... which starts June 1 and we all know Oracle like to clean house when the new calendar starts. Which means the lions share of 236 million will be spent on layoff packages in just a few weeks.
How many employees will be let go? Hard to say but 236 Million will buy quite a few packages. If we pick what I got a few years back and then go for a round number... lets say 5 to 10k per package thats equal to somewhere between 23,600 employees and 47,200.
Well I am guessing its closer to 23,000 than 47,000. But that's still a pretty big a big chunk of people. If you'd like to think "restructuring costs" means moving furniture around, then I applaud your sense of denial. But I will call your attention to line (1) in small print at the bottom
"(1) restructuring costs recorded for individual line items primarily related to employee severance costs."
Oracle has 132,000 employees. 23,000 is about 17% of the work force. In the good old days back in the roman empire, when the legion did something terrible they would draw from a lottery. One in 10 would be ki---d. It was called decimation. I would hazard a guess that Oracle will be decimated this summer.
It's not idle speculation as we have seen this play out before many time at Oracle. Don't worry about Oracle, as there is a young bright eyed college graduate ready to step in your shoes.
If you like to play those kind of odds with your career stick around. If you know you are on the list, stick around, you will get a nice package based on salary and years of service.
If you survive I strongly recommend looking for another job before the stock market collapses, inflation takes off and the price of basic goods and services sky rockets. Odds are we are headed into a recession so I'd skill up and find a new job asap. If you like this sort of fear hanging over your head and you are too lazy to look for a new job, fate may not be kind to you when you hit the street with your knowledge of ancient Oracle technology.
Oracle 10q with the layoff plans are here in the link below for everyone to read. You can not say you didn't see it coming its right here in black and white.