The facts seem to be straight-forward:
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Oracle started extremely late to the cloud. Later than all the other cloud players.
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Oracle was made up primarily of employees who know absolutely nothing about web development and cloud applications.
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Oracle spent less money on cloud development and expansion than every other cloud player.
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Oracle development outside of the database area was poor to start with, due to years of an acquisition strategy that caused good developers to flee the company and caused internal struggles between acquired company camps.
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TKs org has severely deteriorated, due to a top-down management style that does not allow issues to be raised and dealt with. It is an organization filled with incompetent yes-men managers who expect the developers at the bottom to keep their mouths shut and be yes-men too. The result is an unbelievably incompetent and corrupt development organization that cannot create even on-prem software, let alone cloud software. Good developers FLEE organizations like this.
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Because of the incompetence and corruption in development, cloud applications were poor.
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Instead of dealing with actual problems, multiple cloud platforms were created, wasting resources.
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The "cloud" apps were poor and full of bugs. They were not integrated with each other since they were developed by different groups working against each other to grab their own territory. Each group working to make sure the other groups fail, to insure their own jobs.
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Salespeople were forced to try to sell the "cloud".
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Customers did not want to buy because of the problems with the cloud software (above).
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Pressure and incompetence at the top of the company caused salespeople to use tactics to pressure customers to purchase software. These tactics included underhanded audits of customers to extract millions of dollars from them.
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Since the customers were not interested in Oracle's cloud, the management came up with a strategy of trying to force the customers to use it by giving them cloud credits in place of paying millions of dollars to Oracle for audit violations.
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The customers were not interested in using the cloud credits.
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The customer success group was created to force customers to use their cloud credits.
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That didn't work, so some of the CSMs logged in AS customers and faked the use of the cloud credits.
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The upper level management sat there and watched this all happen, as they saw the cloud revenue die to the point where they could not publish the numbers openly.
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Somewhere along the way, MH had a "great" idea, that the problem had something to do with the expensive sales force. Since he was too stupid to know anything about how the software was created and the fact that it was complete crap, he decided to decimate the sales force and replace them with cheap inexperienced kids who have no idea what they are doing.
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Since the software is complete crap and the customers are really pissed off, removing sales people will not help, it will simply cause sales to come to a complete standstill.
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The reality is that the problem is development, primarily with the development management who all cover for each other. Layers and layers of expensive clueless people who's only "job" is to say "yes" to the incompetent manager above them.
Anyone in Oracle management who wants to know what happened should read this layoff site. All of these problems have been explained here.
But, that would involve the top-level management listening to input from people below them who know what is going on. They can't do that, that would show weakness, and an admission that they actually need information about what is going on to make decisions. Instead they prefer to pretend they know what they are doing.
Consequently, there will be no recovery for Oracle any time soon, possibly never.
Nothing is going to magically change, the problems are too ingrained in Oracle culture.
Ship is going down, get out now while you still can maintain some kind of dignity.