Cloud Business Powers Oracle’s Quarterly Results

Oracle announced its quarterly results and its cloud business was the star of the show....
Cloud Business Powers Oracle’s Quarterly Results
Written by Matt Milano
  • Oracle announced its quarterly results and its cloud business was the star of the show.

    The company reported total revenue of $9.8 billion for the 2020 Q3 results, up 2% year-over-year. Most notably, its Cloud Services and License Support revenue came in at $6.9 billion, a 4% increase year-over-year.

    “We had an extremely strong quarter with Total Revenues growing 3% in constant currency,” said Oracle CEO, Safra Catz. “Subscription revenues, made up of Cloud Services and License Support revenues, grew 5% in constant currency. These consistently growing and recurring subscription revenues now account for 71% of total company revenues, thus enabling a sequential increase in our operating margin, and double-digit non-GAAP Earnings Per Share growth in Q3.”

    “The Oracle Autonomous Database, the world’s only fully autonomous data management system, can automatically patch security vulnerabilities while running; it keeps your data safe,” said Oracle Chairman and CTO, Larry Ellison. “Oracle Autonomous Database is also both serverless and elastic. It’s the only database that can instantaneously scale itself to an optimal level of CPU and IO resources. You only pay for what you use. Security and economy are two fundamental reasons why thousands of customers are now using the revolutionary new Oracle Autonomous Database in our Generation 2 Public Cloud.”

    Oracle has been trying to gain ground against Amazon, Microsoft and Google, with mixed results. Recently, the company has faced an investor lawsuit claiming it bullied customers into accepting cloud contracts and has been inflating its cloud business. Documents were even unveiled wherein Google Cloud CEO Thomas Kurian, who previously served as head of product development at Oracle, called Oracle Cloud “a disgrace” when he was with the company.

    Oracle’s quarterly results should go a long way toward helping the company answer critics.

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