Asia Tech Wire (June 25) -- U.S. technology company Oracle Corp. warned in its annual report to the U.S. Securities and Exchange Commission (SEC) on Monday that the U.S. government's "sell or ban" bill against TikTok may hurt the company's financial results.

Oracle said the bill signed by U.S. President Joe Biden in April of this year includes provisions that would make it illegal to provide Internet hosting services to TikTok if its Chinese owner, ByteDance, fails to take certain steps within a specified period of time.

"If we are unable to provide those services to TikTok, and if we cannot redeploy that capacity in a timely manner, our revenues and profits would be adversely impacted," the company said.

Oracle said that compliance with the relevant laws could increase the company's expenses, as it would need to hire professionals or other additional resources to assist.

After raising data security concerns, TikTok said in July 2022 that all of its U.S. user data had been transferred via Oracle's cloud infrastructure.