Team Oracle,
If you've watched the news around the technology industry over the past few quarters, it hasn't been pretty. Rising interest rates, persistent inflation, and global uncertainty have created turbulent markets that have led to layoffs across many companies.
Unfortunately, our company is not immune. With competition in the cloud tougher than ever, our recent acquisition of Cerner, and challenging headwinds for customers, leadership sat down and examined the priorities of every one of our teams.
While we wished we could bring better news, decisions have been made across multiple organizations to engage in a reduction in force (RIF) so that we can reduce costs and become leaner to prepare for the economic turbulence ahead. Decisions to cut were made with a variety of factors in mind, including low growth, technological obsolescence, departmental priority, and competitive factors.
As leaders of the company, we were also ultimately responsible for these results. Silicon Valley is a competitive place, and we're always moving forward by innovating. Unfortunately, moving forward also sometimes means cutting back.
In the next few quarters ahead, those impacted will be notified of changes in their employment by their management. Already, you may have noticed the departure of some leaders and in time, we will do right by you to explain those decisions. For the time being, we will be introducing a voluntary severance program that will eventually lead into our broader reduction in force. If you'd like to participate, reach out to your manager or HR representative.
As for what lies ahead, we once again apologize that we could not bring you better news. We thank you for your commitment and service to Oracle, and look forward to assisting you in the next steps of your career, whether here or elsewhere.
Safra & Larry.