Oracle Sees Stronger Sales Growth in Cloud Transition
Oracle reported a strong sales forecast, signaling that it expects greater customer demand in its transition to becoming a cloud provider
• Revenue from cloud services and license support, which includes maintenance fees for traditional software, grew 2.7 percent to $6.64 billion
• Oracle’s new cloud and on-premises licenses sales fell 8.5 percent to $1.22 billion
• The company’s founder Larry Ellison said cloud transition had been slow because it didn’t have good enough infrastructure until recently, but analysts question that explanation.