Oracle reported a loss in total revenue in its latest financials, despite an increase in cloud revenue.
The company’s 2016 Q2 results saw total revenues at $8.9bn, which is down 6% from $9.5bn in the same quarter last year.
Net income was also down, this time by 12% year-over-year to $2.19bn, while on-premise software revenues fell by 7% from a year ago to $6.36bn.
Hardware also saw a decline, at $1.12bn, down 16% from the same quarter a year ago. The only real positive came from the company’s cloud revenues.
Big Red reported a 26% increase in cloud revenue from a year ago, seeing it hit $649 million.
The company has been keen to highlight the growth of its cloud revenue, with the company’s co-CEOs Mark Hurd and Safra Catz and chairman Larry Ellison focusing on the growth, rather than declines in other areas.
Ellison, said: "We are still on-target to sell and book more than $1.5 billion of new SaaS and PaaS business this fiscal year.
"That is considerably more SaaS and PaaS new business than any other cloud services provider including Salesforce.com."
Although the cloud growth is a positive for the company, the declines in software and hardware may be a concern.
In addition to the financial reporting, the company has also elected a new member to its board of directors. Renee James, a former Intel president will join the board immediately.
"She will bring a unique perspective and tremendous depth of experience and knowledge of the technology industry to our board," said Ellison.
