Thread regarding Oracle Corp. layoffs

Half a Billion in layoff packages are coming this year!

I can tell you that this will be a significant year for layoffs and the majority of layoffs have yet to come. I'd like to call attention to a particular sentence on page 19 of the Oracle 10q.

We expect to incur the majority of the estimated remaining $519 million through the end of fiscal 2023
In the first quarter of fiscal 2023, our management supplemented the 2022 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2022 Restructuring Plan are up to $888 million and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred. We recorded $146 million and $55 million of restructuring expenses in connection with the 2022 Restructuring Plan in the first three months of fiscal 2023 and 2022, respectively. We expect to incur the majority of the estimated remaining $519 million through the end of fiscal 2023

Again restructuring cost doesn't mean shuffling office space or moving teams around. According to note (1) ...

Restructuring costs recorded to each of the operating segments presented primarily related to employee severance costs

Oracle 10k filed with the sec here:

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/ffe5633d-8421-4c88-ad86-e5e699f6a2c4.pdf

Its just a matter of time before OCI is seen for what it is:
https://twitter.com/shirtamari/status/1572223325719646211

Vulnerability full disclosure - New Oracle cloud vulnerability allowed users to access the virtual disks of other Oracle customers >>

Oracle appears to be cutting back on development hiring and appears to be heading into maintenance mode. I believe this based on the fact that marketing was hit hard this summer. Sales and development cuts will follow as they are the highest expenses. The dismal OCI sales numbers over the past decade has to have executives realize that the future of OCI in its current iteration is not viable. Its the only thing Oracle has seriously invested in.

I believe heatwave is the first sign of a surrender to the other cloud providers.
https://www.theregister.com/2022/09/13/oracle_launches_heatwave_in_aws/

I do believe that Oracle is rapidly heading into maintenance mode with only a focus on database technologies running in other cloud providers.

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Post ID: @OP+1iPdT0Uf

11 replies (most recent on top)

Half a billion? I only need a very, very small percentage. Please please please!

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Post ID: @4rjb+1iPdT0Uf

If anyone is as concerned about their job security as some of these commenters are, then WHY are you just sitting around on your behinds waiting for the hammer to fall? Find something better outside of Oracle, there are lots of better places to work.

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Post ID: @3uuz+1iPdT0Uf

Now the pain will begin, Danny Boy.

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Post ID: @3gbx+1iPdT0Uf

I’m still here. Working 2 days a week but pulling in a full paycheck. My department managers, directors, and vps are still clueless.

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Post ID: @3ign+1iPdT0Uf

Please just lay me off. I am losing my mind here with the waiting game.

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Post ID: @2lqo+1iPdT0Uf

What? You are saying that Oracle is a disaster in progress? Who would have guessed?

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Post ID: @2jck+1iPdT0Uf

I don't know how finance models restructuring costs vs. labor savings but $519M restructuring cost is likely 1/3 of the total salary/benefits cost savings they might be targeting, so easily 1.5B target for this fiscal? And then repeat next year?

Restructuring costs probably are mostly the severance packages and admin overhead? What else?

fun

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Post ID: @1zsk+1iPdT0Uf

So to clarify, the OP is saying the pain has only just started and it's about to get way worse?

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Post ID: @jbk+1iPdT0Uf

Thanks for info. Really getting nervous about my job as I just joined and my compensation is 300K plus so will be an easy target.

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Post ID: @fpr+1iPdT0Uf

Let’s continue the layoff games next with OCI to get biggest bang for the buck. OCI compensation is obscene compared to the rest of the org.

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Post ID: @hva+1iPdT0Uf

Oracle will probably moved to an account-based / industry model for marketing/sales versus trying to spray and pray. Workday, SAP, and Salesforce are already there, so this will be interesting to see.

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Post ID: @xrm+1iPdT0Uf

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