In case anyone missed this plan that was posted a while back.
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/6aae1efb-e6ff-44cb-9563-94b1d5ebd7e1.pdf
It's clear that layoffs will continue for a year or two.
3 replies (most recent on top)
$475 M of remaining restructuring reserve, roughly means another 9,500 people to go in FY18
As a M5, I can verify this to be true. Restructuring activities are underway across multiple organizations and products. The area which has us surprised are they changed for Cloud applications. Sales and Solution consultants will be hit hard and consolidated. Many of my peers have left or in the process of leaving. These were guys you would want to keep and fight hard for them stay. Success will also feel some of the reorg effects with their consolidation with Marketing and the over hiring for ERP. Their approach to hiring new colleges graduates did not work well and they saw high attrition rates. The focus is cut costs and make a return for their stockholders. When revenue is down and the forecast is weak you start eliminating staff overhead and hiring cheap. Mark is known for this approach.
RESTRUCTURING ACTIVITIES
Fiscal 2017 Oracle Restructuring Plan
During fiscal 2017, our management approved, committed to and initiated plans to restructure and further improve efficiencies in our operations due to our recent acquisitions and certain other operational activities (2017).
In the first quarter of fiscal 2018, our management supplemented the 2017 Restructuring Plan to reflect additional actions that we expect to take.
The total estimated restructuring costs associated with the 2017 Restructuring Plan are up to $1.1 billion and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred.
We recorded $124 million of restructuring expenses in connection with the 2017 Restructuring Plan in the first three months of fiscal 2018 and we expect to incur the majority of the estimated remaining $475 million through the end of fiscal 2018.
Any changes to the estimates of executing the 2017 Restructuring Plan will be reflected in our future results of operations.
-- Source: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/6aae1efb-e6ff-44cb-9563-94b1d5ebd7e1.pdf