I think saying that Oracle is a provider of database software is something that you hear from old technical folks who have not used Oracle since the 90s. In fact Oracle's revenue from database software is very tiny. Much of their revenue comes from enterprise and cloud software.

If you are a publicly traded company who needs to report audited financial results every quarter to shareholders, there are less than 10 ERP software in world for that and Oracle owns 5 of those - Fusion, PeopleSoft, Netsuite, JDE and EBS.

Also, in the last decade a big chunk of their revenue comes from cloud services where these enterprises move away from their physical hardware and onto the cloud. Here also, Oracle provides one of the most generous free limits compared to GCP, AWS and Azure. Also they provide some unique options that I have not seen in any other clouds like Bring Your Own License where you can keep running your old enterprise databases in the cloud with just paying for the compute .

Few years back they also bought out Cerner which was the largest EHR company at that time and it pushed their head count by 28000.

They grew their headcount massively during covid like any other software company and simultaneously took on too much debt to build datacenters.

But with rising cost of these capex builds, they are in consolidation mode and reducing headcounts just like other companies.