Oracle reported 5 percent growth in revenue to $11.84 billion for the fourth quarter ended May 31, 2022 – lifted by Cloud sales.
Oracle’s total cloud revenue, which includes its infrastructure-as-a-service and software-as-a-service businesses, rose 3 percent to $7.61 billion.
Oracle CEO Safra Catz said: “We also experienced a major increase in demand in our infrastructure cloud business — which grew 39 percent. This revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase.”
“Couple a high growth rate in cloud infrastructure business with the acquisition of Cerner applications business — and Oracle finds itself in position to deliver stellar revenue growth over the next several quarters.”
Oracle is in the process of increasing its cloud regions, or geographical areas that allow customers to get faster access from a local data center, to compete with main rivals such as Microsoft, Amazon.com and Alphabet Inc’s Google.
Safra Catz attributed the increase in total revenue to Oracle’s Fusion and NetSuite cloud applications and high demand for its infrastructure cloud business.
Austin, Texas-based Oracle has been expanding its data center operations across the world as it seeks to capture the rise in demand for cloud computing and enterprise software.
Oracle said its fiscal year 2022 revenues increased 5 percent to $42.4 billion. Cloud services and license support revenues rose 5 percent to $30.2 billion. Cloud license and on-premise license revenues grew 9 percent to $5.9 billion.