Securing its position as the “fastest-growing cloud company at scale,” Oracle reported that its combined software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenues rose 73% in its fiscal third quarter, to $1.0 billion. Its total cloud revenues, including infrastructure as a service (IaaS), increased 62%, to $1.2 billion.
Oracle CEO Mark Hurd noted that the company’s SaaS and PaaS revenues have grown more than three times faster than those of rival Salesforce.com during the last year. “If these trends continue, where we are selling more SaaS and PaaS in absolute dollars AND growing dramatically faster, it’s just a matter of when we catch and pass Salesforce.com in total cloud revenue,” Hurd said.
While Oracle’s SaaS and PaaS growth rates, at 73%, continue to be sizable, Oracle Executive Chairman and CTO Larry Ellison sees the fastest and most substantial growth ahead for Oracle’s IaaS business, which includes compute, storage, and networking services.
Read more at OracleVoice on Forbes.