Oracle Slides Most Since 2002 on Slowing Cloud Sales Growth
- Ellison says booking for cloud business doubled from AI firms
- Total revenue gained 9% to $12.5 billion, meeting estimates
Oracle Corp. headquarters in Redwood Shores, California.
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Oracle Corp. plunged the most in 21 years after reporting a slowdown in the growth of its cloud business, raising questions about the software maker’s expansion efforts in a competitive market.
Cloud revenue, a metric that is closely watched by investors, jumped 30% to $4.6 billion in the period ended Aug. 31. Of that, $1.5 billion came from renting computing power and storage over the internet and $3.1 billion from applications. That cloud growth rate was slower than the 54% jump in the previous quarter.