Two weeks after its premier event, layoffs are hitting Oracle Cloud.

Business Insider reported that about 200 people have lost their jobs within Oracle Cloud Infrastructure. OCI employs around 10,000 people, so, in terms of percentages, the numbers are small, but the action is significant. More cloud computing and tech companies are instituting layoffs and hiring freezes as inflation wipes out gains and as a recession looms. And even though Oracle Cloud continues to get some traction against rivals Amazon Web Services, Microsoft Azure and Google Cloud, it is not immune to economic forces.

The cuts affect teams throughout OCI. Those areas include object storage, operations and support led by Dru Borden, and engineering architecture helmed by Pradeep Vincent, according to Business Insider. This round of layoffs comes after similar moves in August and October; the former impacted thousands of Oracle employees around the world, Business Insider reported.

Oracle did not respond to requests for comment by the time of publication. The company also had not made any layoff-related filings with the Securities and Exchange Commission by that time.

Oracle CloudWorld

Amalgam Insights’ Hyoun Park

Just two weeks ago, Oracle held its annual CloudWorld event in Las Vegas. The company spent two days touting its capabilities and innovations, even bringing founder Larry Ellison on stage. There was no apparent undercurrent of fear or knowledge of pending cloud-group layoffs during the conference. On the contrary, executives took the stage to tout its wins, an achievement Synergy Research Group commented on just yesterday: “Oracle has seen a boost in its cloud growth rate this quarter,” analysts noted in a Nov. 1 blog.

To get more insight into the Oracle Cloud layoffs, we turned to Hyoun Park, CEO and chief analyst at research firm Amalgam Insights. See our slideshow above for Park’s thoughts.