Read the 8-k and it looks like there were $359 million in restructuring costs so far in FY23 which includes $78 million in Q3. Didn’t see a mention of forward looking restructuring costs but if we go off of past filings, there is still a significant amount restructuring budget left. Would love to hear your insights or if I missed something.
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Oracle in serious reorg. They had to know that shift was coming. Customers from all Big Tech Corps are looking at software they purchased in bundles that they do not need - otr no longer want - and if, customers can not renogiate subscription you can count anti-trust laywers jumping., Both parties have been wantined break-down the Big Tech Conglomerates. They are sick of Big Tech throwing hundreds a millions at various gov't's when getting caught doing what they want to do and not correcting mistakes. The Congressional committee for this purpose is definiteing going to enforce regs and investigate prior years. The amount of money and jail time for each Big Tech Corp could probably come close to balancing the budget.
If that obnoxious person that says this is not true -- then, keep believing it .....
bou might yourself in mug shot soon
Well expected results for Q3. Oracle's operating expenses were so high and I expected Oracle to play down with restructuring. Oracle also handles litigation, acquisition expenses as part of its restructuring in addition to layoffs. This Quarter Oracle had to deal with lots of litigations so it really didn't focused much on Layoff.
Oracle is slow and steady and still operating in Profit mode despite industry down. Oracle employees are already low paid in markets (other than cloud division) compared to its competitors. Letting them go has its own impact. Oracle handled this situation perfectly till date.
Oracle has to bring the operating expenses of R&D, Sales and Cloud services. So expect a trim down in projects and layoffs in these areas for sure. Internal and Non-revenue projects in these areas beware. Legacy projects / components to be dropped support and let go.
With Government trying to increase interest rate and raise unemployment rate. Expect more layoffs to come. If you get out this time, its hard to find new job in market. Be prepared for it.
Oracle is in perpetual layoff mode. I would not be surprised if there was more in the lead up to the annual Q1 bloodbath.