Naija Tech News on October 25 morning news, according to reports, Oracle is quietly starting a new round of layoffs, hoping to further reduce company costs.
While the size and scope of the layoffs are unclear, internal emails show that some employees at the database giant’s North American Cloud Infrastructure and Technology unit (NACT) were notified of layoffs earlier on Monday . Posts claiming to be laid off by Oracle can also be seen on anonymous online forum TheLayoff.com and professional networking site LinkedIn.
Available sources suggest that some employees affected by the layoffs can now find new positions within Oracle by Monday, Oct. 31. But at least one employee who has just been laid off said he was notified that his employment relationship with Oracle would be terminated next Monday.
Oracle has yet to comment.
Recent reports indicate that Oracle’s employee morale has been particularly low since August. That’s because the company had quietly gone through a round of layoffs at the time, potentially affecting thousands of employees around the world.
Oracle’s NACT division, headed by Oracle executive vice president Mark Hura, has acquired many of the tech giant’s cloud computing projects, including cloud databases and applications. It is worth noting that NACT and Oracle Cloud Infrastructure (OCI), led by Oracle executive vice president Clay Magouyrk, are two different divisions, while OCI is designed to benchmark market leader Amazon AWS and create a strategic sector. It’s unclear if OCI will also cut jobs.
In addition to the layoffs, Oracle introduced new hiring restrictions in September, causing panic within the company, with many worried that mass layoffs could come at any time. Under the new hiring restrictions, Oracle will focus on hiring outside of costly tech hubs like San Francisco or Seattle. Oracle has struggled to rein in costs thanks to its recent $28.3 billion acquisition of case database company Cerner.
In its most recent filing with the U.S. Securities and Exchange Commission (SEC), Oracle expects to incur $519 million in restructuring charges during the fiscal year ending in August 2023. The filing also disclosed that the cost was “primarily related to employee severance pay.”
An Oracle recruiter said: “They just put too much money into Cerner, so they have to tighten their belts to pay for it.”
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