The quarterly figures of the US group fell short of expectations.
(Photo: Reuters)
Bangalore / Berlin The fierce competition in the cloud business is affecting Oracle. The US company software provider announced on Monday evening that sales rose from June to August by four percent to $ 9.73 billion. However, this was below the expectations of analysts. The share fell more than three percent after the trading day.
Like Microsoft, Amazon and Salesforce, the SAP competitor is benefiting from the trend towards flexible working, which increases the need for storage space in the cloud and data centers. However, Oracle entered the cloud race late and has to catch up to play in the top league. While many rivals are increasing their revenues in the sector in the double-digit percentage range quarter by quarter, Oracle came in the first fiscal quarter on a plus in the cloud division of six percent to 7.37 billion dollars.
For some time now, Oracle has been investing heavily in the cloud business. The 45-year-old company built new data centers, expanded its range and brought customers such as the US video service Zoom on board. In fiscal year 2022, which has just started, the US company plans to double its spending in this area to almost four billion dollars. The profit in the past quarter increased by nine percent to 2.46 billion dollars.
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