Oracle Corp. surpassed earnings expectations for fiscal first quarter. However, the database and cloud behemoth missed analyst estimates for revenue.
The company’s non-GAAP earnings came in at $1.03 a share, compared to the 97 cents a share expected by analysts polled by FactSet.
Revenue was $9.7 billion, vs. $9.76 billion estimated by FactSet analysts.
Oracle CEO Safra Catz in a statement that the company’s two new cloud businesses, IaaS and SaaS, are now over 25% of its total revenue with an annual run rate of $10 billion. Catz emphasized that IaaS and SaaS together are Oracle's fastest growing and highest margin new businesses. “As these two cloud businesses continue to grow, they will help expand our overall profit margins and push earnings per share higher,"she said.