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Oracle Shift to Cloud Products Hasn't Yet Spurred Growth

  • Web-product business grows to 7 percent of total revenue
  • Sales of new licenses decline 18 percent from a year earlier
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Oracle Corp.’s push into the cloud is making progress, but investors will need to be patient before there’s a return to revenue growth.

While the cloud-based business posted a sales increase of 26 percent, the other key units reported declines in the fiscal second quarter ended Nov. 30, the Redwood Shores, California-based company said in a statement Wednesday. Total revenue fell 6.3 percent to $8.99 billion from a year earlier, compared with analysts’ average estimate of $9.06 billion, according to data compiled by Bloomberg. It marked the 10th quarter in the past 12 that the company missed analysts’ sales expectations.