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Oracle announces higher earnings forecast based on Cloud boost

The company spent 23 per cent more on cloud services and license costs.

Oracle Corp announced its third-quarter results for the period ended February 28, reporting a 4 per cent increase in revenue to USD 10.5 billion for the fiscal year 2022. The Texas-headquartered computer technology company forecast higher revenues and profits. Oracle is relying heavily on its cloud segment, having invested USD 4 billion capital to expand its number of data centres and improve its cloud services. The company’s cloud license and on-premium license were up by 1 per cent. 

“This strong top-line growth was coupled with a solid non-GAAP constant currency operating profit growth of 4%, but the big story is that our overall revenue growth is being driven by both our rapidly growing Cloud Infrastructure and Cloud Applications businesses. Q3 Cloud Infrastructure revenue was up 47% in constant currency. Q3 Cloud Applications growth was led by Fusion ERP, which was up 35% in constant currency and NetSuite ERP, which was up 29% in constant currency. Total Cloud revenue, which includes Cloud Infrastructure and Cloud Applications, is now over $11 billion a year,” Safra Catz, CEO of the company, said

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Oracle has been pushing to grow its cloud services as customer demand also increases. The company spent 23 per cent more on cloud services and license costs. Oracle’s total operating expenses for the quarter stood at USD 6.69 billion. 

Larry Ellison, the chairman and CTO of the company, said that they had also developed its multi-cloud version to MySQL HeatWave open-source database within the third quarter. Designed to compete with Amazon’s Aurora and Snowflake, MySQL HeatWave will be available on Microsoft Azure Cloud and Amazon Cloud

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Poulomi Chatterjee
Poulomi is a Technology Journalist with Analytics India Magazine. Her fascination with tech and eagerness to dive into new areas led her to the dynamic world of AI and data analytics.

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