Oracle Is Shutting Down Its Ad Business

During its earnings call on Monday, Oracle CEO Safra Catz told analysts that it is shutting down its ads business. "In Q4, we decided to exit the advertising business, which had declined to about $300 million in revenue in fiscal year '24," said Catz, according to an earnings transcript. Adweek's Catherine Perloff reports: In August 2022, Business Insider reported that Oracle Advertising made $2 billion in revenue. At the time, revenue was only growing by 2% a year and many employees had been laid off as part of a reorganization in 2022, Business Insider reported. Oracle spent billions on entering the advertising business, acquiring nearly a dozen ad technology companies for over a decade. Notable acquisitions include data firms DataLogix, bought in 2014 for $1.2 billion, and brand safety platform Moat, purchased in 2017 for a reported $850 million. "Oracle's bet on the advertising industry was undermined when Meta [...] shut down its data to third parties including Oracle in 2018, following the Cambridge Analytica scandal," notes Adweek. Europe's GDPR further restricted Oracle's advertising business, leading the company to shut down its 'AddThis' publisher audience tool in 2019, which relied on third-party data.

Read more of this story at Slashdot.