Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock

Oracle's Larry Ellison canceled plans to sell 50 million shares. The company aims to raise $40B in FY, including $20B from a recent stock sale. Shares rose 7.8% intraday Friday after revenue backlog increased $26B, but closed 2% lower. Oracle faces investor concerns over debt-fueled growth and restructuring costs.

Oracle added $700M to its restructuring budget, totaling $2.8B, for future layoffs. The move follows heavy AI-related spending, with capital expenditure rising 162% to $55.7B and free cash flow at negative $23.7B. The company has already cut 21,000 jobs and expects more reductions, particularly in EU regions due to regulatory requirements. Shares fell 2% post-filing, down 16% since June.

Oracle's co-founder Larry Ellison has canceled his 10b5-1 plan to sell Oracle shares, according to the company. This plan, designed to sell shares at predetermined times, has been terminated.

Oracle (ORCL) reported a $664B revenue backlog, up $209B YoY, with cloud infrastructure revenue surging 121% to $7.39B. Jim Cramer called the quarter calm and reassuring, noting a significant shift in growth trajectory. The company's stock is 50% below year-ago levels, and CEO Ellison plans to sell $7.5B in shares. Oracle's total revenue was $19.34B, up 29.61% YoY, and raised FY2027 revenue guidance to at least $90B.

Apple launched the iPhone Duo at $1,999 and iPhone 18 Pro models, with pre-orders starting soon. Nvidia's CEO expects 70% revenue growth and is expanding into AI cybersecurity. Oracle and Adobe reported quarterly earnings above estimates, with Oracle's cloud revenue up 62%. A former AI researcher quit, raising safety concerns. Qualcomm and Amazon partnered on AI data center infrastructure.

Oracle increased its 2026 restructuring costs by $700M to $2.8B, covering expected job cuts. The company has 141,000 employees, with 92,000 outside the US. Larry Ellison plans to sell 50M shares by October 24. S&P downgraded Oracle to BBB-.