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December 18, 2014

Strong cloud growth drives Oracle’s Q2 revenue

Expects new cloud bookings to surpass $250m by Q4.

By CBR Staff Writer

Oracle reported a 3% rise in its overall revenues to $9.6bn during the quarter ending November 2014, in what is said to be the first quarter results without Larry Ellison as CEO.

Oracle CEO Safra Catz said: "We continue to deliver industry-leading operating margins and cash flow even after adding the thousands of specialized sales people and engineers necessary to accelerate the growth of our new cloud businesses."

During the quarter, revenue generated by Oracle’s cloud services business including software-as-a-service (SaaS), platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) increased by 45% to $516m, which mainly contributed to the overall revenue rise.

Oracle CEO Mark Hurd said: "Total Q2 new cloud bookings grew at a rate of more than 140%. We now have over 600 ERP Fusion Cloud customers – that’s five-times more ERP customers than Workday."

With the latest results, the US tech firm busted a series of disappointing quarters during which revenue rose more slowly than anticipated.

Oracle chairman and chief technology officer Larry Ellison said: "By Q4 of this year we expect our new cloud bookings to exceed $250 million."

"Next fiscal year our new cloud bookings will be well over the billion dollars mark."

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Last month, Oracle revealed plans to trim down the head count at its European support centres, including software support centres outside the UK, Romania and the Netherlands, in a move that could impact hundreds of employees.

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