Oracle reports 32% cloud revenue increase in latest quarter
Leading US computer software company Oracle has announced that its total cloud revenue has increased 32% in Q3 of fiscal 2018, rising $1.6bn for the three-months ended 28 February.
The significant increase in the company’s cloud revenues played a significant role in driving the company’s overall revenue up 6% to $9.8bn during the same period.
“Our Cloud SaaS applications business is rapidly approaching $5 billion …and it’s still early days,” said Oracle CEO, Mark Hurd.
“Less than 15% of our on-premise applications customers have begun to migrate their applications to the cloud. As the other 85% of our applications customers start to move their applications to the Cloud, we have a huge opportunity in front of us. We expect to more than double the size of our SaaS business very quickly.”
These figures reflect Oracle’s strategy of moving away from its reliance upon its software sales business, diversifying more readily into corporate data centers and cloud-based services and solutions.
One example of this strategic shift is the development of the Oracle Autonomous Database, used to automate management to deliver solutions at a much lower cost.
This is now fully available within Oracle Cloud, with its autonomous cloud offering portfolio is set to significantly grow throughout the remainder of 2018.
“During this calendar year we expect to deliver Autonomous Analytics, Autonomous Mobility, Autonomous Application Development and Autonomous Integration services,” Hurd continued. “Oracle’s new suite of Autonomous PaaS services delivers an unprecedented level of automation and cost savings to our customers.”