Oracle said its revenue in Q1 fiscal 2016 dipped 2 percent to $8.4 billion – due to the strengthening of the U.S. dollar compared to foreign currencies.
In constant currency, Oracle revenue improved 7 percent.
Oracle Executive Chairman and CTO Larry Ellison said: “Oracle would sell between 50 percent more and double the amount of new cloud business than salesforce.com plans to sell in their current fiscal year. Oracle is the world’s second largest SaaS and PaaS company, but we are rapidly closing in on number one.”
Cloud plus On-Premise Software revenues fell 2 percent to $6.5 billion.
Total Cloud revenues of Oracle grew 29 percent to $611 million.
Oracle said Cloud software as a service (SaaS) and platform as a service (PaaS) revenues rose 34 percent to $451 million.
Cloud infrastructure as a service (IaaS) revenues increased 16 percent to $160 million.
Total On-Premise Software revenues dipped 4 percent to $5.8 billion.
Total Hardware revenues declined 3 percent to $1.1 billion.
Oracle said its total services revenues rose 1 percent to $862 million.
Oracle CEO Safra Catz said: “New SaaS and PaaS annual recurring cloud subscription contracts almost tripled in the quarter. We plan to double our SaaS and PaaS cloud margins over the next two years — starting from 40 percent in Q1, to approximately 60 percent in Q4, and up to 80 percent two years from now.”