Oracle revenue drops 1% as competition increases in cloud

Oracle reported earnings results for the third quarter of its 2019 fiscal year on March 13, posting a 1 percent decrease in total revenues.

The company generated $9.6 billion in revenue for the quarter, down 1 percent from $9.68 billion one year prior, The Wall Street Journal reports. The report comes after cloud competitors like Microsoft and Amazon's recent earnings increases.

For Microsoft's second quarter of 2019, the company posted a 12 percent increase in revenue, attributing its cloud segment Microsoft Azure for the growth. The tech giant does not disclose exact revenue figures from individual products but reported 76 percent growth in Azure for the second quarter. Additionally, Amazon saw a 31 percent increase in net sales for its 2018 fiscal year, with its cloud platform Amazon Web Services generating a 47 percent increase in net sales from the year prior.

Oracle's cloud services and license support revenues, which is the company's largest segment, increased 1 percent for quarter three.

"As a percentage of our total software business, cloud is now more than double what it was just three years ago and provides us with the ability to accelerate overall software revenue growth as this mix shift continues," Oracle Co-CEO Safra Catz told The Wall Street Journal.

To view Oracle's financial report, click here.

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