Final round (for this year) .... yay. 927 million in severance packages were allocated for FY23 which wraps up at the end of May.
Oracle used to layoff in June at the end of the fiscal year. The new and enhanced accounting system whacks people before the quarter ends. Tuesday is the new favorite for a sacking. The last Tuesday of the quarter. Oracle has instituted a black Tuesday.
Legend has it that the spector of the layoff king himself rises from the grave to oversee the process. At 5AM a shadowy figure gets in a ghostly limosine and travels from Alta Mesa Memorial Park to the Oracle office he once inhabited.
From the latest 10Q:
The total estimated restructuring costs associated with the 2022 Restructuring
Plan are up to $927 million and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred. We recorded $359 million and $117 million of restructuring expenses in connection with the 2022 Restructuring Plan in the first nine months of fiscal 2023 and 2022, respectively. We expect to incur some of the estimated remaining $342 million through the end of fiscal 2023.
Oracle Cerner got a taste in March.
One commenter on TheLayoff.com said the job cuts were rumored to be 10% of the Oracle Cerner workforce. Commenters on Reddit said they also had heard that figure.
A loud cry was heard from over a thousand souls that was suddenly silenced as they received the news. They were never to be seen again on the Cerner campus.
The 10Q has 342 million to be paid out... it will be noticeable as many will suffer the same fate in about 20 days. Who knows where the cuts will be? I feel fairly certain it will happen May 2 2023.