Oracle Cloud Enters Hyper-Growth Phase Leading into Oracle CloudWorld

Rhea-AI Summary

Oracle Corporation (NYSE: ORCL) announced its upcoming Oracle CloudWorld Las Vegas event, set for October 17-20, 2022. The company reported a 19% increase in total cloud revenues, reaching $2.9 billion for the quarter ending May 31, 2022. Notably, IaaS revenues surged 36% to $792 million, while SaaS revenues from Fusion ERP and NetSuite ERP also saw significant growth. CEO Safra Catz expressed excitement about the continuous growth across their cloud applications and infrastructure as they prepare for CloudWorld.

Positive

• Total cloud revenues increased 19% to $2.9 billion.
• Infrastructure cloud (IaaS) revenues rose 36% to $792 million.
• Fusion ERP cloud (SaaS) revenues up 20% to $569 million.
• NetSuite ERP cloud (SaaS) revenues increased 27% to $574 million.
• Oracle's cloud business demonstrating significant momentum heading into CloudWorld.

Negative

• None.

AUSTIN, Texas, July 8, 2022 /PRNewswire/ -- Oracle Corporation (NYSE: ORCL) will welcome customers and partners to the industry's most important event, Oracle CloudWorld Las Vegas, on October 17-20, 2022. With keynotes featuring customers and executives sharing practical lessons, more than 1,200 technical and strategic sessions, and comprehensive hands-on training opportunities, Oracle CloudWorld is the premier venue for business and IT leaders to learn how to create and keep a competitive advantage.  

With Oracle CloudWorld on the horizon, Oracle's cloud business is gaining significant momentum. In the most recent fiscal quarter ending May 31, 2022, total cloud revenues (IaaS plus PaaS) were up 19% in USD, up 22% in constant currency to $2.9 billion. Infrastructure cloud (IaaS) revenues were $792 million, up 36% in USD and up 39% in constant currency.  Fusion ERP cloud (SaaS) revenues were $569 million, up 20% in USD and up 23% in constant currency. NetSuite ERP cloud (SaaS) revenues were $574 million, up 27% in USD and up 30% in constant currency. Other SaaS revenue of $955 million, up 4% in USD and up 7% in constant currency.

"As we prepare to welcome our customers to Oracle CloudWorld in Las Vegas this fall, I am thrilled about the strong growth we have seen across our entire portfolio of cloud applications and infrastructure," said Oracle CEO, Safra Catz. "We look forward to helping customers of all sizes and in every industry discover even more ways they can drive revenue, maximize profitability and improve their businesses with Oracle Cloud."

Register for Oracle CloudWorld.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

Trademarks

Oracle, Java, and MySQL are registered trademarks of Oracle Corporation. 

"Safe Harbor" Statement: Statements in this press release relating to Oracle's future plans, expectations, beliefs, intentions and prospects, including statements regarding future revenue growth, the impact of the Cerner acquisition and our plans to manage a promising new HIV vaccine, are "forward-looking statements" and are subject to material risks and uncertainties. Many factors could affect our current expectations and our actual results, and could cause actual results to differ materially. We presently consider the following to be among the important factors that could cause actual results to differ materially from expectations: (1) Our success depends upon our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services. (2) Our cloud strategy, including our Oracle Cloud Software-as-a-Service and Oracle Cloud Infrastructure offerings, may adversely affect our revenues and profitability. (3) We might experience significant coding, manufacturing or configuration errors in our cloud, license and hardware offerings. (4) Acquisitions present many risks and we may not achieve the financial and strategic goals that were contemplated at the time of the transaction. (5) The COVID-19 pandemic has affected how we and our customers are operating our respective businesses, and the duration and extent to which this will impact our future results of operations remains uncertain. (6) If our security measures for our products and services are compromised and as a result, our data, our customers' data or our IT systems are accessed improperly, made unavailable, or improperly modified, our products and services may be perceived as vulnerable, our brand and reputation could be damaged, the IT services we provide to our customers could be disrupted, and customers may stop using our products and services, any of which could reduce our revenue and earnings, increase our expenses and expose us to legal claims and regulatory actions. (7) Our business practices with respect to data could give rise to operational interruption, liabilities or reputational harm as a result of governmental regulation, legal requirements or industry standards relating to privacy and data protection. (8) Economic, political and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. (9) If we are unable to compete effectively, the results of operations and prospects for our business could be harmed. (10) Our international sales and operations subject us to additional risks that can adversely affect our operating results. (11) We are susceptible to third-party manufacturing and logistics delays, which could result in the loss of sales and customers. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of June 13, 2022. Oracle undertakes no duty to update any statement in light of new information or future events.

View original content to download multimedia:https://www.prnewswire.com/news-releases/oracle-cloud-enters-hyper-growth-phase-leading-into-oracle-cloudworld-301583320.html

SOURCE Oracle

FAQ

What are the key financial highlights for Oracle's cloud business in the latest quarter ending May 31, 2022?

Oracle's cloud revenues were $2.9 billion, up 19% in USD. IaaS revenues reached $792 million, up 36%, while Fusion ERP and NetSuite ERP revenues also showed strong growth.

When is the Oracle CloudWorld event taking place?

Oracle CloudWorld is scheduled for October 17-20, 2022, in Las Vegas.

Who is the CEO of Oracle and what did they say about the cloud business?

Oracle's CEO, Safra Catz, expressed enthusiasm about the strong growth across their cloud applications and infrastructure as they prepare for CloudWorld.

How did Oracle's cloud revenue growth compare in constant currency?

In constant currency, total cloud revenues increased by 22%, with IaaS up 39%, Fusion ERP SaaS up 23%, and NetSuite ERP SaaS up 30%.