Oracle's revenue grew 8% from a year ago, at the low end of the company's guidance range.
Oracle shares were heading lower in late trading Monday after the enterprise software giant posted earnings and guidance that fell short of investor expectations.
Oracle said cloud revenue was $4.6 billion, up 30% from a year ago; that includes 17% growth in cloud application revenue to $3.1. billion, and 66% growth in cloud infrastructure revenue, to $1.5 billion. Ellison asserted that Oracle can train AI models at twice the speed and less than half the cost of other clouds.
Total cloud revenue excluding Cerner is expected to grow 29% to 31%, or 27% to 29% in constant currency. Oracle sees profits for the quarter of between $1.30 and $1.34 a share. Street consensus estimates had called for revenue of $13.3 billion, up 8%, with profits on an adjusted basis of $1.34 a share.
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