Oracle CEO Safra Catz and Chairman Larry Ellison were asked about a reported data deal with TikTok owner Bytedance. After Ellison chuckled, Catz told analysts, “the one thing I can tell you is, we have an excellent relationship with the folks at TikTok.”
After Oracle Corp. Chief Executive Safra Catz offered an in-line forecast and Chairman Larry Ellison knowingly laughed when asked about storing TikTok’s data in the U.S. on Thursday afternoon, the software company’s shares rebounded from a steep after-hours post-earnings decline.
“Both non-GAAP and GAAP EPS are expected to decline year-over-year due to some large investment gains we saw last year, as well as a very low tax rate last year,” Catz said on the call, noting an increase in Oracle’s tax rate to 18.4% from 10.7%. Reuters reported Thursday morning that Oracle was near a deal with TikTok to store information of U.S. users without the video-sharing app’s Chinese parent company ByteDance having access to it. In 2020, Oracle stood to acquire TikTok in a complicated deal with Walmart Inc. WMT, +2.27% at the behest of then-President Donald Trump, but that deal was shelved and the Biden administration dropped Trump-era executive orders to ban the app.
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