Singapore – Global multinational computer technology company Oracle has announced that it is exiting the advertising business by the fourth quarter of this year, as announced by the company during its latest earnings announcement.
According to Safra Catz, CEO at Oracle, its advertising business had declined to about US$300m in revenue in fiscal year 2024.
It is worth noting that Oracle aimed at building up its advertising business by acquiring multiple firms like Vitrue, Eloqua, BlueKai, DataLogix, and Moat to build out its advertising capabilities. However, a mixture of industry changes like halting third-party partners for ad targeting as well as lawsuits has resulted in Oracle slowly shutting down its advertising initiatives in recent years.
Nonetheless, Oracle notes in its latest earnings report that its cloud and data center business is seeing significant growth, with executives noting that fiscal year 2025 will see cloud infrastructure services to grow faster than the 50% they reported this year.
“We believe our momentum, our current momentum will continue as our pipeline is growing even faster than bookings and our win rates are going higher as well,” Catz stated.
