Oracle profit slides despite rapid growth in cloud
Oracle reported its fourth consecutive quarter of declining revenue on Tuesday, as rapid growth in its cloud business failed to offset the tepid demand for more traditional products.
Oracle said sales of its cloud services jumped 40 percent in the quarter ended Feb. 29, to $735 million, led by its platform-as-a-service and software-as-a-service offerings.
But those cloud services accounted for only 8 percent of its overall business, and when it came to the hardware and software that customers install in their own data centers, the picture was less rosy.
Sales of Oracle's on-premises software, including its database and ERP products, fell 4 percent from last year to $6.3 billion, the company said. Hardware sales fell 13 percent to $1.1 billion.
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