Oracle’s second quarter results were adversely affected by the payment of a judgment related to a 10-year-old dispute surrounding former CEO Mark Hurd’s employment. The payment resulted in an operating loss of $824 million.
However, the company’s total quarterly revenues were up 6 percent year-over-year to $10.4 billion. Cloud services and license support revenues were up 6 percent to $7.6 billion. Cloud license and on-premise license revenues were up 13 percent to $1.2 billion.
Revenue at Oracle’s cloud services and license support unit rose to $7.55 billion in the second quarter from $7.11 billion previously, which is expected to grow between 6 percent and 8 percent in the third quarter.
“These results are being driven by the 22 percent growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue,” Oracle CEO Safra Catz said.
About 75 percent of Oracle’s Enterprise Resource Planning (ERP) customers have not transitioned to the cloud, giving the company a very good chance of shifting them over and boosting its ERP revenues.
