Oracle slashes 30k jobs

dafelst

More victims of AI. Not actually of "AI is replacing jobs", more "oh shit we are spending too much and the product isn't good enough for us to ever make a return on our absurd over-investment".

kwanbix

Those super yatchs of larry have to be paid somewhow.

2OEH8eoCRo0

Imagine slashing 30,000 jobs for a measly 2% share price bump.

codemog

Don’t work for evil companies.

bix6

It feels like Oracle has made some massive strategic missteps in the past year. I’m curious if they can turn it around.

dolphinscorpion

Unless you're being offered a very good package, any firing email is cold. Let's be honest

baal80spam

Let's not forget that ORACLE is actually an acronym.

dryarzeg

Am I the only one who, when they see this, feels that it's already tough for Oracle and that many companies betting on "AI" have finally understood the real risks involved, and that they risk simply failing? I mean, if Oracle is doing that, they're clearly having some problems. I don't know how to properly express that (I'm sorry, I'm not very fluent with English), but for me it seems as some kind of signal of potential start of the downfall. It's like they stepped on the path that leads them to fall, and while they still can change it, if they don't, they're doomed.

neya

Every other company sends out cold emails to prospects outside of the company, but Oracle is the only company to send out cold emails to their own employees. Gotta give it to them...

quelsolaar

Do not make the mistake of anthropomorphising Larry Ellison.

thiago_fm

It's still a company worth $400B that makes $3B of profits and not even $20B of revenue. And full of debt from AI datacenters full of hardware with a 6 year depreciation cycle, possibly even lower depending on what NVidia releases next. So overvalued!

rvz

This is AGI.

renegade-otter

That CapEx must be really out of control. Soon enough they will be left with 200 data centers and 300 poor bastard running the ship.

xvxvx

Anytime there are mass layoffs like this, I like to look at the company career page and revel in the HR horseshit they jam down everyone’s throats: https://www.oracle.com/careers/

shmerl

> The layoffs are directly tied to Oracle’s aggressive and debt-heavy expansion into artificial intelligence infrastructure. The actual culprit.

gethly

companies overhired when money was cheap during covid to inflate their numbers and push their marketcap. since cheap money is gone, they have no incentive to keep the workforce. this has nothing to do with AI.

chekibreki

Full text of e-mail: We are sharing some difficult news regarding your position. After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day. We are grateful for your dedication, hard work, and the impact you have made during your time with us. After signing your termination paperwork, you will be eligible to receive a severance package subject to the terms and conditions of the severance plan. You will receive an email from DocuSign to your Oracle email address with details on your severance and termination date. Immediate Action Required To receive important follow-up information, including FAQs and separation documents to help you through this transition, you must provide a personal email address. Please click here to submit a personal email address immediately. If you make a submission error, please re-submit a new form. Please Note: The personal email address will only be used for correspondence regarding separation-related information and severance agreements. Access to your computer, email, voicemail, and files will be deactivated soon, and you will be unable to log into your computer. As a reminder, you are prohibited from downloading, copying or retaining (including emailing yourself) any Oracle confidential information. Thank you for your contributions to our organization. If you have additional questions, please reach out to the HR team via the Ask HR page or at (888) 404-2494. Oracle Leadership Source: https://www.reddit.com/r/employeesOfOracle/comments/1s8jadx/...

thomasgeelens

Every time I think: "do I live in a dystopia yet?" I get confirmation with these messages.

asah

"cold" is redundant/implied for Oracle.

WhereIsTheTruth

Billions of dollars, yet not for thee The game where you, the people, will always be the loser