Oracle and the cloud look strong
On Wednesday, June 21st, Oracle released its Q4 2017 Earnings Report that emphasized the strong growth of their cloud business. This earnings release is confirmation of Oracle’s focus on growing its cloud services and its More/Better/Forever commitment to NetSuite – with expected benefits of new features/functions for current and prospective NetSuite clients in the future.
In terms of overall results, the report confirms Oracle is exceeding expectations and delivering strong growth in its cloud services. Oracle boasts a non-GAAP net income for Q4 of 2017 at $3.8B, with non-GAAP earnings per share coming to $0.89. More importantly, growth was driven by cloud with overall cloud revenues up 58% versus prior year; cloud software led the way with 67% growth.
The cloud results were driven by all Oracle’s cloud services, including NetSuite. Speaking about landing a significant AT&T cloud deal, CTO of Oracle Larry Ellison said, “AT&T has agreed to migrate thousands of existing Oracle databases containing petabytes of data plus their associated applications workloads to the Oracle Cloud”. Ellison continued, “In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud.” According to MarketWatch, Macquarie analysts estimate that the AT&T deal could be worth $1 billion for the company.
These cloud results echo Oracle’s comments about its commitment to the cloud and NetSuite from SuiteWorld, along with its intention to accelerate investment in NetSuite’s platform. To review the projected benefits from this strategy, the original assessment of these plans is accessible by clicking here.
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