Despite difficult foreign exchange headwinds, Oracle kept revenues steady at US$9.3bn, helped by a surge in cloud software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenues.
Chairman and founder Larry Ellison said that Oracle is well on its way to selling over US$1bn of new SaaS and PaaS business in calendar 2015.
“Salesforce.com has announced that it also expects to add about US$1 billion of new SaaS and PaaS business this year. So it’s going to be a close race who sells more in the cloud this year, us or them. Stay tuned.”
The company said it would have seen a 6pc higher revenue performance if not for the strengthening of the US dollar.
Co-CEO Mark Hurd said that in the fourth quarter Oracle expects to sell over US$300m of new SaaS and PaaS annual recurring revenue.
“We beat the midpoint of my constant currency guidance on every single financial metric this past quarter,” said Oracle co-CEO, Safra Catz.
“EPS was up 9pc, Total Revenue was up 6pc, Hardware Revenues were up 5pc, Software and Cloud revenues were up 7pc, and Total Cloud SaaS, PaaS and IaaS revenues were up 33pc. Once you normalize for exchange rates, it was a very strong growth quarter for us.”
Larry Ellison image via Shutterstock