Second quarter revenues were up six percent to $9.6 billion compared with last year’s second quarter. Net income was up 10 percent to $2.2 billion.
Total cloud revenues were up 44 percent to $1.5 billion but such growth is unlikely to continue, and some analysts are concerned that something is lurking below the surface.
Despite the strength of cloud revenue in the second quarter, Oracle’s cloud growth is forecast to slow in the current quarter to 21 to 25 percent, which is one of the factors that unsettled the market.
Changes are happening within Oracle and its methods of revenue gathering. There has been more take-up of unlimited licence agreements which could be a precursor to cloud migration and BYOL, and has helped slow the new licence revenue decline from 19 percent last year to a flat year and $1.3 billion revenue.
Larry Ellison, Oracle CTO, said the vendor will soon deliver its autonomous “self-driving” database.
“The new artificially intelligent Oracle database is fully automated and requires no human labour for administration. If a security vulnerability is detected, the database immediately patches itself while running.
“No other system can do anything like this. Best of all, we guarantee the price of running the Oracle Autonomous Database in the Oracle Cloud is less than half the cost of running a database in the Amazon Cloud.”