Oracle (ORCL) Misses Q1 EPS by 3c; Tot. Cloud Revenue Rose 61%
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Oracle (NYSE: ORCL) reported Q1 EPS of $0.55, $0.03 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $8.6 billion versus the consensus estimate of $8.7 billion.
- Cloud plus On-Premise Software Revenues were $6.8 billion, up 5% in U.S. dollars and up 6% in constant currency.
- Cloud software as a service (SaaS) and platform as a service (PaaS) revenues were $798 million, up 77% in U.S. dollars and up 79% in constant currency.
- Total Cloud Revenues, including infrastructure as a service (IaaS), were $969 million, up 59% in U.S. dollars and up 61% in constant currency.
"Our Cloud business plus our On-Premise Software business grew 7% in constant currency in the first quarter, on a non-GAAP basis," said Oracle CEO, Safra Catz. "The overall top-line growth of our two strategic businesses was driven by non-GAAP SaaS and PaaS revenue growing 82% in constant currency, substantially outperforming our guidance. As our SaaS and PaaS business continues its rapid growth, we expect its gross margins to climb from 62% this quarter toward our 80% target."
"This year we are on track to sell more than $2 billion of SaaS and PaaS annually recurring revenue," said Oracle CEO, Mark Hurd. "We believe this will be the second year in a row that Oracle has sold more SaaS and PaaS than any cloud services provider. In the first quarter alone, we added more than 750 new SaaS customers including 344 new SaaS Fusion ERP customers – that's more ERP customers than Workday has sold in the history of their company."
"Next week at Oracle OpenWorld, we will introduce the second generation of our Infrastructure as a Service," said Larry Ellison, Oracle Chairman and CTO. "Our Generation2 IaaS delivers twice the compute, twice the memory, four times the storage and ten times more I/O at a 20% lower price than Amazon Web Services. IaaS represents a huge new cloud opportunity for Oracle to layer on top of our rapidly growing SaaS and PaaS businesses."
For earnings history and earnings-related data on Oracle (ORCL) click here.
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Related EntitiesMark Hurd, Larry Ellison, Earnings
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