Oracle has posted revenue of $8.6bn for the first quarter of its 2015 fiscal year, with combined software and cloud revenues totalling $6.6bn. The announcement came on the same day company founder Larry Ellison stepped down as CEO.
This modest rise in revenues did not help profit growth, which came in at $2.184bn, flat compared with the same period last year.
The rise in revenues to $8.6bn was a three percent increase on the same period last year and was driven mostly by overall software and cloud revenues, which new co-CEO Safra Catz said was a core push for the company’s future.
"We are increasing our cloud services' growth rate while simultaneously delivering record levels of cash flow," she said.
"In Q1, our overall cloud services business grew more than 30 percent to $475m in revenue. We are laser-focused on two goals: growing our cloud business and growing our cash flow.”
Mark Hurd, the second CEO at Oracle, touted Oracle's growth against rivals Workday as an indicator of the success it is having in this market. "Our cloud business is already three times the size of Workday, but we won't be satisfied until we're number one in the cloud." he said.
Ellison, who is now executive chairman and chief technology officer at Oracle, touted forthcoming products from Oracle as key to this cloud-centric future.
"Next week at Oracle OpenWorld, we will be rolling out our database cloud service. Database is our largest software business, and database will be our largest cloud service," he said.
"With our new multi-tenant Database as a Service offering, our customers and ISVs [independent software vendors] can move any of their existing Oracle databases and applications to the Oracle Cloud with the push of a button."
However, while Oracle has lumped cloud in with software, $475m cloud sales is still just a fraction of the overall $6.6bn software revenue. The majority of this comes from software licence updates and product support, which brought in revenues of $4,731bn.
Oracle’s cloud infrastructure as a service revenues are also very low at $138m, just one percent of the company's total revenue.
Oracle’s hardware division saw losses compared with the same quarter last year. Hardware systems products sales were down 14 percent, and hardware systems support were down one percent.
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