Oracle revenue falls 1 percent as competition increases in the cloud
Oracle reported profit for the third quarter of the financial year 2019 on March 13, with a decrease of 1 percent in total revenues.
The company generated $ 9.6 billion in revenue in the quarter, down 1 percent from $ 9.68 billion a year earlier, The Wall Street Journal reports. The report comes after cloud competitors like Microsoft and Amazon's latest earnings increase.
For Microsoft's second quarter of 2019, the company posted a 12 percent increase in revenue, and awarded its shootout segment Microsoft Azure for growth. The tech giant does not reveal accurate revenue figures from some products, but reported 76 percent growth in Azure for the second quarter. In addition, Amazon sold a 31 percent increase in net sales for 2018 fiscal years, with its cloud platform Amazon Web Services generating a 47 percent increase in net revenue from the previous year.
Oracle's cloud services and license support revenue, which is the company's largest segment, increased by 1 percent for the third quarter.
"As a percentage of our total software business, the cloud is now more than twice as large as just three years ago, allowing us to accelerate the overall software revenue growth. As this mix continues, Oracle Co-CEO Safra Catz The Wall Street Journal
To view Oracle's financial report, click here
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