Cloud Computing Boosts Oracle Even As Dollar Proves Challenging
March 17, 2016
Grazed from MorningStart. Author: Jay Greene.
Oracle Corp. posted solid growth in its cloud-computing businesses in the last quarter, even as it wrestled with the challenge of a strong U.S. dollar. The Redwood City, Calif., maker of business software often is thought of as late to Web-based computing on demand. But it recently has beefed up its cloud offerings, and customers have responded with enthusiasm.
Oracle’s total cloud revenue in the quarter ended Feb. 29 rose 40% to $735 million. Because the company books overseas sales in foreign currencies, quarterly cloud revenue would have gained 44% measured in constant currency. "The world is shifting faster to the cloud, and Oracle is adapting appropriately," said Bill Kreher, an analyst at Edward Jones…
Oracle co-Chief Executive Safra Catz said during a Tuesday conference call: "We feel very good about the progress of our cloud transition, and clearly customers are rapidly adopting Oracle."…
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