When a company plans mass layoffs, it’s required by federal law to provide notice to the Employment Department, which it publishes online.
Employees being laid off at Oracle include hardware and software developers as well as managers, technicians, and administrative assistants, according to the report. The laid off employees will receive full pay and benefits for 60 days, according to the letter.
This isn’t too surprising, considering Oracle’s total hardware revenues were down 10 percent for its fiscal 2017 second quarter compared to the same period a year ago.
Oracle is shifting its focus to the cloud, with its software-as-a-service (SaaS) and platform-as-a-service revenues up 81 percent year-over-year in the fiscal 2017 second quarter. Similarly, its cloud revenues were $1.1 billion for the quarter — a record for the company.