Oracle shares dropped over 6% after it announced cloud revenues of $1.57bn, up 31.7% but short of analysts’ $1.59bn estimate. Excluding items, Oracle earned 83 cents per share, beating analyst expectations of 72 cents per share. On-premises software licence sales rose nearly 4% to $6.42bn.
“Our Cloud SaaS applications business is rapidly approaching $5 billion…and it’s still early days,” said CEO Mark Hurd.
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