Oracle has seen a decrease in revenue as the firm continues its attempt to make inroads in the cloud market.
The enterprise software and hardware firm made sales worth $10.7bn during its fourth quarter, down five percent compared with the same period in 2014.
Profit was down year on year by a much larger margin, dropping 24 percent from $3.65bn for the three months ending 31 May last year compared with $2.76bn this quarter.
Despite the disappointing set of overall results, Oracle is clearly making gains in the cloud and SaaS market, benefiting from its oft-repeated 'laser focus' on the cloud computing market.
Oracle CEO Mark Hurd noted during the investor conference call on Wednesday that the firm added 1,217 new software as a service (SaaS) customers over the quarter, while 760 customers expanded their deals with Oracle. In platform as a service (PaaS), Oracle saw better success rates, adding 1,419 customers in Q4.
Hurd also pointed out that Oracle's cloud revenue is already worth $2.3bn, around a fifth of the firm's overall revenue.
But for Oracle co-CEO Safra Catz, the new deals pale into significance compared to the potential earnings from current on-premise customers converting to the cloud.
"So many of our customers are not necessarily cancelling support and moving everything to the cloud overnight. They are adding cloud capabilities," she explained.
"We would like them over time frankly, if we had our way, to move everything to the cloud. That would mean probably revenue rates of significantly larger than we are now."
Oracle was quick to blame the reduced earnings on currency issues rather than a slowdown in the business, noting that revenue would actually have increased by three percent, and profit would have been down by only 14 percent if the US dollar had not improved against foreign currencies.
However, the firm missed Wall Street expectations by a large margin and shares dived around six percent as a result.
The firm made $8.4bn from software and cloud sales, a drop of six percent on the previous period. Oracle was keen to boast that it saw large increases in its SaaS and PaaS revenues, which leapt 29 percent to $416m - or the more impressive number of 35 percent in constant currency.
Infrastructure as a service revenues grew by 25 percent to $160m, or 31 percent in constant currency.
Oracle has been heavily focused on its cloud business, as evidenced by its dominance during the earnings call on Wednesday, and product updates such as adding six new services to the Oracle Retail Cloud.
Hurd noted that the firm had beaten its own expectations in the cloud area.
"Coming into Q4, we forecast selling $300m of new SaaS and PaaS annual recurring revenue. We dramatically beat that forecast by selling a cloud industry all-time record amount of $426m of new SaaS and PaaS business," he said.
Oracle executive chairman and CTO Larry Ellison added that the firm expects to book between $1.5bn and $2bn of new SaaS and PaaS business over the course of its financial year.
"That means Oracle would sell more new SaaS and PaaS business than Salesforce.com plans to sell in their current fiscal year - the only remaining question is how much more," he said.
"Oracle's planned SaaS and PaaS revenue growth rate is around 60 percent in constant currency; Salesforce.com has a planned growth rate of around 20 percent."
While the cloud growth is impressive, it still accounts for a small fraction of Oracle's overall business, standing at $576m, or five percent, of a total $10.7bn sales.
On the hardware side, Oracle made total sales worth $1.4bn, down four percent compared with Q4 2014, but up five percent in constant currency.
Oracle's total revenues for its fiscal year 2015 were flat at $38.2bn, or up four percent in constant currency. Oracle made a profit of $9.9bn on those sales, down nine percent year on year, or two percent excluding currency issues.
For its most recent quarter, rival cloud vendor Salesforce posted revenues of $1.51bn, a 23 percent increase on the same period last year. The growth helped Salesforce to a profit for the quarter of a modest $4.1m, which is dwarfed by Oracle's $2.8bn profit.
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