Oracle is preparing another round of layoffs, with some teams facing double-digit percentage cuts as the company tries to reduce payroll before its second quarter starts on Sept. 1. Managers have been asked to identify affected employees, and the reductions follow the roughly 21,000 jobs, or 13% of the workforce, that Oracle said it eliminated in the fiscal year ended May 31, taking headcount from about 162,000 to 141,000 and lifting restructuring costs to $1.8 billion from $374 million. The cuts come as Oracle pours money into AI infrastructure: capital expenditure jumped 162% to $55.7 billion in the last fiscal year and free cash flow was negative $23.7 billion. Oracle said in January it planned to raise $50 billion in debt and equity, and it has also outlined about $40 billion of financing for fiscal 2027, including a $20 billion equity ATM program. Revenue rose 17% and Oracle's cloud infrastructure business grew 77%, while BNP Paribas analyst Stefan Slowinski said nearly $90 billion of financing across FY2026 and FY2027 could support the buildout until a potential free-cash-flow inflection from fiscal 2029. Oracle shares are down 21.68% year to date, though the stock rose 5.36% on Wednesday to close at $153.28.