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TEL AVIV / Reuters
Oracle Corp co-CEO Safra Catz said on Monday she expected an acceleration in the company’s cloud business after the software maker last month reported sales from this business that fell short of Wall Street forecasts.
Catz told reporters in Tel Aviv that the company’s cloud business was impacted by a new model made available to customers three quarters ago that resulted in much higher than projected licence growth. “That makes the appearance of a lower number (for the cloud business) even though money is actually coming into another bucket,†Catz said.
“As this evens out I think we are going to start seeing cloud acceleration again that is very significant but I don’t want to time that right now.â€
California-based Oracle last month said its quarterly cloud business revenue rose 31.7 percent to $1.57 billion, but fell short of the average analysts’ estimate of $1.59 billion, according to Thomson Reuters. Last year, Oracle launched its autonomous database cloud to compete with Amazon Web Services (AWS).