Oracle has posted revenue increases of 6 percent year-on-year, with the cloud providing the boost the company needs, increasing by 44 percent to hit US$1.5 billion (A$1.96 billion).
Cloud SaaS revenues were responsible for the bulk of this revenue boost, with the subsector increasing a mammoth 55 percent compared to the company's fiscal 2017 results. Infrastructure as a service (IaaS) revenue was up 21 percent to US$396 million.
“Overall cloud revenue growth of 44 percent drove our quarterly revenue and earnings higher,” Oracle co-chief executive Safra Catz said.
“With non-GAAP cloud SaaS applications growth of 49 percent leading the way, Oracle delivered 14 percent non-GAAP earnings per share growth and 6 percent overall revenue growth. Our success in the quarter was based on the increasing scale and the gathering momentum in our cloud business. I expect the business to continue to grow and strengthen over the coming quarters.”
“We expect to extend our lead by selling around US$2 billion in new enterprise SaaS application cloud subscriptions over the coming four quarters. That's more new SaaS sales than any of our competitors," he added.
The company has big plans to build upon its cloud-powered enterprise applications too. It's working on an automated, "self-driving" database that will make it cheaper and more reliable to run a database compared to using Amazon Cloud.
“The new artificially intelligent Oracle database is fully automated and requires no human labour for administration," Oracle CTO, Larry Ellison said. "If a security vulnerability is detected, the database immediately patches itself while running. No other system can do anything like this.
"Best of all, we guarantee the price of running the Oracle Autonomous Database in the Oracle Cloud is less than half the cost of running a database in the Amazon Cloud.”