The layoff this week seems to have impacted about 100 employees in the US, in HW sales.
That brings the total for this FY18 to 7,250, and since 6/1/2016 to 17,250.
Still hundreds on millions left in the FY18 restructuring reserve which could mean another 10,000 plus losing jobs before FY18 is over.
"Cash crunch!"
Cash crunch? Oracle's balance sheet shows 20B in cash and 60B in cash and cash equivalents.
In FY2017 is showed a positive net cash flow of 14B. Unless sales have fallen off a cliff, I don't see how its cash flow could have gone negative. But we will know more in a few weeks when the quarter's numbers are reported. Maybe things really are as bad as some posters are saying they are.
Setting aside PR fluff and C level cheerleading- ORCL is in a fight for its life. The original BM plan would have stood up a global reach by early FY18. Oops! Cash crunch! SC froze the spend. Ended up with sort of an in law apartment version of BM. Now with AWS taking ground aggressively in BM to augment existing services ... so sad!
OP here. I’m not opposed to the suggestion that the actual number could be higher.
The 7,250 is constructed bottoms up and most certainly missed people who were not part of a bigger layoff. But I don’t know how many that is.
Also as suggested, there are other restructuring costs.
The total reserve used also included the cost of letting go of some pretty senior execs which further complicated a simple calculation based on the total reserve used.
There could be reorg costs unrelated to severance packages. One that comes to mind would be closing now unstaffed facilities. There could be lease and other contracts that still have to be paid in full.
As for average severance packages, your mileage may vary. A lot of people who were let go from Sparc/Solaris/Storage had seniority and got the full six month (or close) package. If you're a Principal Engineer in the Bay Area, it could be a chunk of change.
Honestly I think your numbers are grossly underestimated. Oracle has burned through 625M in severance packages according to their own 10Q. You think this is 7,250 people? That means we have an average severance package of $86,206.
No one I know got anything close to that amount. Most people I spoke to personally were in to 10k to 20k range.
Did Friday's layoff impact HW support teams as well (Sales Ops, Bus Ops, etc)?
Anybody left in HW? Can’t be many