Joe Biden's TikTok Ban Could 'Adversely' Impact Oracle's Revenue And Profit, Tech Giant Warns
Portfolio Pulse from Benzinga Neuro
Oracle Corp (NYSE:ORCL) has warned investors about the potential financial impact of a U.S. ban on TikTok. A new law signed by President Joe Biden could make it illegal to provide internet hosting services to TikTok, which could adversely affect Oracle's revenue and profit. Oracle's cloud infrastructure, used by TikTok to store and process U.S. user data, generates significant revenue for the company. Analysts estimate Oracle’s annual revenue from TikTok to be between $480 million and $800 million. The potential ban could lead to a substantial loss in revenue for Oracle.
June 25, 2024 | 3:27 am
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Oracle has cautioned investors about the potential financial implications of a U.S. ban on TikTok. The company could lose significant revenue if it is unable to provide internet hosting services to TikTok.
Oracle's cloud infrastructure business heavily relies on revenue from TikTok, estimated to be between $480 million and $800 million annually. A U.S. ban on TikTok could lead to a substantial loss in revenue, adversely impacting Oracle's financial performance.
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