The earlier round of layoffs represented roughly 13% of Oracle’s workforce.

Oracle has drawn up plans for another round of job cuts as it seeks to control costs amid its growing debt burden, according to people familiar with the plans and an internal document reviewed by Business Insider.

The cuts could reach double-digit percentages in some teams, according to the document.

The company has also asked managers to provide lists of employees who could be affected. The layoffs are reportedly intended to reduce payroll by the beginning of Oracle’s second quarter on September 1, Business Insider reported, citing a person with direct knowledge of the plans.

Oracle Reports Strong Revenue Growth

The planned layoffs come despite strong financial performance reported by Oracle.

In June, Oracle said its total quarterly revenue rose 21% to $19.2 billion, reflecting strong demand for its cloud technology and applications.

Cloud revenue, which includes Infrastructure as a Service (IaaS) and Software as a Service (SaaS), increased 47% to $9.9 billion. Cloud Infrastructure revenue surged 93%, while Cloud Applications revenue increased 10%.

Software revenue declined 2% to $6.8 billion, which Oracle attributed to customers continuing to migrate from on-premises software to cloud-based services.

Services revenue stood at $1.5 billion, up 13%, while hardware revenue increased 9% to $900 million.

Oracle reported fourth-quarter GAAP operating income of $6.1 billion, up 20% year-on-year. Non-GAAP operating income reached a record $8.6 billion, representing a 22% increase, driven by revenue growth and operational efficiency measures implemented during the quarter.

GAAP net income attributable to common shareholders rose 23% to $4.2 billion, while non-GAAP net income increased 26% to $6.2 billion.

Fourth-quarter GAAP earnings per share climbed 21% to $1.45, while non-GAAP earnings per share rose 24% to $2.11.

Oracle Bets Big on AI

Oracle said both its database and applications businesses are benefiting from the company’s early adoption of artificial intelligence.

Its Oracle Multicloud AI Database business grew 404% in the fourth quarter, which the company described as its fastest-growing business ever.

The company’s aggressive expansion of AI infrastructure has also increased its financing requirements, with Oracle taking on substantial debt to fund data centres and other infrastructure needed to meet growing demand for AI computing.

The latest reported layoffs therefore come as Oracle attempts to balance rapid AI-driven expansion with tighter control over costs and payroll.