Software and hardware giant Oracle disappointed the stock markets with slightly less than expected revenue for Q1 of 2024, while CTO Larry Ellison teased a closer alliance with Microsoft and its Azure cloud platform.
Big Red posted $12.45 billion in sales for the opening three months of its fiscal 2024 ended August 31, up nine percent year-on-year. However, analysts had expected a figure of $12.47 billion. The disappointment was reflected in a 9 percent share price slide, wiping around $30 billion off the corporation's market value.
Q1 cloud revenue, which includes IaaS plus SaaS, was $4.6 billion, up 30 percent on last year, while SaaS revenue alone was $3.1 billion, up 17 percent. Operating margins hit 26 percent, up from 23 percent in the same period last year. Founder and CTO Larry Ellison said Oracle's database business was set to make an announcement with Microsoft later this week."We will be substantially expanding our existing multi-cloud partnership with Microsoft by making it easier for Microsoft Azure customers to buy and use the latest Oracle Cloud database technology in combination with Microsoft Azure Cloud Services," he said.at the electronic patient records company.