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Thought this was interesting. Across 160 teams of researchers, just about all failed to make good life outcome predictions on things like GPA, evictions, layoffs, and others. Data followed 4.5k families across 15 years, with 13k features (varied over time). Haven't looked at it directly yet, but will be turning the docs and data inside out... In the meantime, authors claim this as showing the limits of ML. Oh, and it's published in PNAS, so you know there's some big publication energy there.
https://www.pnas.org/content/117/15/8398
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It’s the sign of a dated platform with waning demand.
The reason was reorganization and divesting from a shrinking/failing part of the business. “Looming recession” is reading way too much into it.
EY2… what? Are you asking if my assessment of one event at one company at one point in time also applies to different events at many different companies at a very different point in time? Because… no
Don’t think this has much to do with recession but more of a restructuring within Oracle.
The hierarchical structure was pretty old school, they have multiple verticals with overlapping audiences, tedious PO process and so on.
Additionally, they’re struggling on staying afloat due to the new cloud service providers that have grown significantly compared to Oracle in the last couple years.
They’ve also just paid huge monies to acquire Cerner.
Lastly, they’re significantly downsizing their CX vertical while they look at branching into healthcare.
All these moving parts has resulted into significant number of layoffs.
A very very very grim time for folks at Oracle — those who’ve been laid off and those who’re still here.
However, this hopefully means that their budgets will be more streamlined for the future and hopefully, it also will result into better pays compared to what has historically been the case.
Any comment on the ones at Cerner who got taken over by Oracle?
Not a good time to be in marketing!
Cut a lot of marketing line of business
Along with all of the CX and Marketing Cloud sales teams
The products they cut were extremely weak in the market and those LOBs were costing 20m+ per year
There are hiring freezes and layoffs across almost the entire tech domain.
A month ago everyone was hiring. Will we see a continued decline? Or maybe this is the bottom and things improve in a couple of months? I don't know, and I don't think many people do... but many of thr top economists and CEOs are pausing right now.
Oracle was likely carrying some extra weight and attrition was slowing since other companies are not hiring, and current optics for a layoff are not as detrimental as they would have been a few weeks ago. They saw an opportunity and decided to make the move now.