Oracle to exit advertising business says CEO Safra Catz

The company’s ad revenue fell to around $300 million in FY24, as per a call between CEO Safra Catz and the company’s investors discussing quarterly earnings.

By  Storyboard18Jun 14, 2024 4:28 PM
Oracle to exit advertising business says CEO Safra Catz
Catz in his call, did not talk about how the business will be brought to a halt. (Representative Image: Tarik Haiga via Unsplash)

Oracle is exiting the advertising business. The company’s ad revenue fell to around $300 million in FY24, as per a call between CEO Safra Catz and the company’s investors discussing quarterly earnings.

The fall in ad revenue is significant compared to the $2 billion the business generated two years ago, as per Business Insider. However, business then, was only growing at around 2 percent per year and multiple employees had been laid off as part of a reorganisation process in 2022.

Catz in his call, did not talk about how the business will be brought to a halt.

Oracle acquired multiple firms in the past to build its ad operations including Virtue, Eloqua, BlueKai, DataLogix and Moat.

However, investors don’t seem as rattled by the news since Oracle stocks have been going up due to recent big deals like extension of Azure into Oracle cloud by Microsoft to satisfy OpenAI. Also, the multicloud partnership between Google Cloud and Oracle worked well in the company’s favour.


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First Published on Jun 14, 2024 4:28 PM

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