Oracle Sales Miss Estimates on Slow Transition to Cloud
- Demand sluggish for traditional data, business software
- Cloud revenue now makes up 11% of company’s quarterly sales
Oracle's Cloud Soars Higher: Breaking Down the Numbers
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Oracle Corp. reported quarterly revenue that fell short of analysts’ estimates, highlighting its struggles to transition to new cloud-based services amid the sluggish performance of its traditional database and business software.
Oracle, while revamping its products, is searching for new ways to spark growth as it comes under growing pressure for customers who prefer cloud-based software from rivals such as Microsoft Corp. and Salesforce.com Inc. In July, the Redwood City, California-based company stepped up that effort when it agreed to buy cloud-service provider NetSuite Inc. for $9.3 billion, one of Oracle’s biggest deals one record.