Oracle executive leadership, including CEO Mark Hurd, felt confident about surpassing cloud competitors following the release of Oracle’s quarterly financial report. The FY17 Q3 report showed significant growth in cloud revenue, specifically software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenues that had grown more than three times faster than those of Salesforce.com in the previous year, according to Hurd. Revenues for both SaaS and PaaS reached $1.0 billion, an increase of 73%.
“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.” – Mark Hurd
In addition to Oracle’s SaaS and PaaS experiencing strong growth, Oracle Executive Chairman and CTO Larry Ellison predicted fast and substantial growth for Oracle’s IaaS business. Total cloud revenues, including infrastructure as a service (IaaS), reached $1.2 billion, an increase of 62%. As the Cloud continues to become a large portion of Oracle’s total revenue, executive leadership predicted the company’s earnings and cash flow will also continue to climb.
Read more highlights from Oracle’s FY Q3 report at OracleVoice on Forbes.