Oracle layoffs: Company's '6 am layoff emails' may return in next few days
Oracle is preparing another round of layoffs this month, with cuts reaching double-digit percentages on some teams and managers already asked to name affected employees. The company wants payroll reduced before its second quarter starts on September 1. Oracle has already shed 21,000 jobs in a year, down to 141,000 staff, as it funds a debt-heavy AI data centre buildout that burned $23.7 billion…
Oracle employees have been instructed to monitor their email inboxes, as the company has drafted another round of workforce reductions for this month, Business Insider reported. The layoffs could affect up to double-digit percentages of certain teams, with managers already asked to compile lists of those impacted. The urgent deadline lies in the company's goal to reduce payroll before the start of its second quarter on September 1, just three weeks away.
Previous layoffs, announced at around 6 am local time, have left many employees scrambling for severance, RSUs, and H-1B support. Oracle has already downsized its workforce by 21,000 employees this fiscal year, bringing the company's headcount from 162,000 to roughly 141,000. The company's restructuring costs have surged to $1.8 billion, up from $374 million the previous year.
Oracle's heavy investment in infrastructure and cash burn, totaling $55.7 billion and $23.7 billion, respectively, has led to a significant increase in debt. Despite a 17% revenue growth last fiscal year and robust cloud infrastructure business expansion, Oracle's stock has dropped by 26% this year due to concerns over its debt load and potential AI-driven job cuts in the software industry.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
