Oracle Advertising is shutting down, CEO Safra Catz said during the database goliath’s fiscal 2024 Q4 earnings call with Wall Street this week.
“…in Q4, we decided to exit the advertising business, which had declined to about $300 million in revenue in fiscal year 2024,” said Catz.
That’s down from a reported $2 billion in 2022.
Investors appear undaunted, as Oracle’s stock has soared in the past few days. The announcement of deals with Google Cloud, Microsoft Azure, and OpenAI has eclipsed the earnings miss and the ad business exit.
Oracle as a whole recorded [PDF] $53 billion in sales in the past 12 months, up six percent year on year, and a profit of $10 billion, up 24 percent.
