Oracle Q2 results beat expectations

Oracle has reported a consecutive quarter of growth in its fiscal 2021 Q2 results, with total quarterly revenues up 2 percent year on year to $9.8bn. The company’s better-than-expected results were largely driven by increased demand for its cloud services and license support, where revenues were up 4 percent to $7.1bn.

There was significant growth in the company’s Fusion and NetSuite Cloud ERP applications businesses, with revenue up 33 percent and 21 percent respectively. Safra Catz, Oracle CEO, said: “These two strategic cloud applications businesses are major contributors to Oracle’s increased operating earnings and consistent earnings per share growth. We expect this rapid market share and revenue growth trend to continue as both Gartner and IDC rank Oracle’s ERP suite number one in the cloud.”

“Oracle’s Gen2 Cloud Infrastructure is adding customers and growing revenue at a rate well in excess of 100 percent per year. Demand for our Gen2 Cloud Infrastructure is exceeding our plan and we are opening new datacentres as fast as we can. Oracle opened 13 additional regional datacentres in 2020 to bring our total to 29 regional datacentres worldwide, more than AWS,” added Oracle’s chairman, Larry Ellison.