Oracle has reported that total first quarter revenues were up 4% year-over-year to $9.7 billion, slightly down on market expectations.
Cloud services and license support revenues were up 6% to $7.4 billion. Cloud license and on-premise license revenues were down 8% to $813 million.
The Q1 GAAP operating income was up 7% to $3.4 billion, and the GAAP operating margin was 35%.
The GAAP net income was up 9% to $2.5 billion, and GAAP earnings per share rose 19% to $0.86.
Oracle CEO Safra Catz said: “Oracle's IaaS and SaaS cloud businesses are now over 25% of our total revenue with an annual run rate of $10 billion. Taken together, IaaS and SaaS are Oracle's fastest growing and highest margin new businesses.
“As these two cloud businesses continue to grow they will help expand our overall profit margins and push earnings per share higher,” said Catz.