TapTechNews June 13 news, Oracle said during yesterday's earnings conference call that the company will shut down the advertising business as the advertising revenue in fiscal year 2024 dropped to 300 million US dollars (about 2.178 billion yuan currently).
Oracle spent billions of dollars to enter the advertising business and acquired a number of advertising technology companies, among which it acquired the data company DataLogix in 2014 for 1.2 billion US dollars (TapTechNews note: about 8.71 billion yuan currently), and the brand Moat in 2017 for 850 million US dollars (about 6.17 billion yuan currently).
Oracle's bet on the advertising industry was hit hard in 2018, and Facebook shut down third-party data including Oracle after the Cambridge Analytica scandal.
The General Data Protection Regulation further restricted Oracle's advertising business, and the company stopped providing third-party data positioning services in Europe in 2020.
BusinessInsider reported that Oracle's advertising revenue reached 2 billion US dollars (about 14.517 billion yuan currently) in 2022, but because the year-on-year growth was only 2%, many employees were laid off in the subsequent restructuring.