Oracle Tells Employees 'Doing More With Less' Isn’t The Goal After Recent Layoffs, CFO Urges 'Thoughtful' Spending: Report

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Oracle Corp's newly appointed CFO, Hilary Maxson, reportedly told employees that the company's focus is not on doing more with less in her first company-wide meeting following recent layoffs.

Maxson addressed the company's employees in her first all-staff meeting and emphasized the importance of thoughtful spending and simplifying processes that do not benefit customers, Business Insider reported on Tuesday.

This means being thoughtful about where we spend our time and money, she said.

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Neither Maxson nor other executives directly addressed the recent layoffs during the meeting, as per the report. Instead, they highlighted growth, customer demand, and the potential opportunities presented by artificial intelligence (AI).

Co-CEO Mike Sicilia urged employees to continually ask, How does the work that I'm doing help deliver a better outcome for a customer? as Oracle begins its second quarter amid significant changes. Sicilia added, How we work together and how we show up for our customers and for each other matters most.

Oracle did not immediately respond to Benzinga's request for comments.

In June, Oracle disclosed that the company cut 21,000 jobs, nearly 13% of its workforce, over the past year. The company cited the adoption and deployment of AI across its operations as the reason for the job cuts. This move put Oracle in the spotlight, with the company facing significant pressure over its AI buildout costs.

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Oracle reported $28.5 billion in first-quarter capital expenditures, up from $8.5 billion a year earlier.

On Monday, Business Insider reported that Oracle has begun another round of layoffs. The cuts include severance of four weeks' base pay plus one additional week for each year of service. Posts on LinkedIn, Reddit, and Blind indicated employees had been affected by the latest cuts, as per the report. Planned layoffs could reach double-digit percentages in some teams, according to a previous report by the publication.

Furthermore, the layoffs have sparked a broader conversation about the impact of AI on jobs. Sen. Elizabeth Warren (D-Mass.) warned that AI could eliminate millions of jobs and disrupt working families. She urged policymakers to act before workers begin losing income and employer-sponsored health coverage.

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Source: https://finance.yahoo.com/technology/ai/articles/oracle-tells-employees-doing-more-094508947.html