Cloud revenue up for Oracle

Oracle has announced its fiscal 2022 Q1 results, showing a 4 percent year on year increase in quarterly revenues to $9.7bn. Cloud services and license support revenues were up 6 percent to $7.4bn, whilst cloud license and on-premise license revenues were down 8 percent to $813m. Basic earnings per share were $0.89, compared to $0.74 in Q1 2020. Oracle CEO, Safra Catz, said: “Q1 results were excellent as constant currency revenue beat guidance by $100m with all revenue segments exceeding forecast, and non-GAAP earnings per share beating guidance by $0.08. Oracle’s two new cloud businesses, IaaS and SaaS, are now over 25% of our total revenue with an annual run rate of $10bn. Taken together, IaaS and SaaS are Oracle’s fastest growing and highest margin new businesses. As these two cloud businesses continue to grow, they will help expand our overall profit margins and push earnings per share higher.”