Posted on Tuesday, Sep 17th 2019
Oracle (NYSE: ORCL) recently announced its first quarter results and the market is not at all impressed. The continued slowdown of revenue growth in the past few quarters coupled with the news that its co-CEO Mark Hurd was taking an indefinite leave of absence due to an illness did not go down well with the market. The stock fell nearly 5% following the result announcement.
Oracle advanced its result announcement by a day and reported revenues for the first quarter at $9.22 billion, a modest 0.3% growth over the year and missing the market’s forecast of $9.29 billion. Oracle attributed the miss in revenues to a sales force reorganization in North America that resulted in a lower than expected software license revenue. EPS of $0.81 was in line with the market expectations.
By segment, cloud services and license support revenues grew 3% to $6.81
billion. Cloud licenses and on-premise license revenues fell 6% annually to
$812 million, missing analysts’ expectations of $865 million. Hardware revenues
fell 10% to $815 million and the services segment revenues fell 3% to $786
million for the quarter.
Oracle’s total cloud and license revenues grew 2% over the year to $7.62
billion. Applications revenues were up 2% to $2.82 billion and infrastructure
related revenues grew 2% to $4.8 billion.
The board authorized a $15 billion stock repurchase and also announced a payment
of a quarterly dividend of $0.24 per share.
For the second quarter, Oracle expects to report an EPS of $0.87–$0.89, compared with the market’s forecast of $0.89.
Oracle Counts on Autonomous Database
Oracle continued to go head on with Amazon yet again by boasting about its ML-backed Autonomous Database. Earlier last month, there was a hack attack on Capital One that runs on AWS. The attack, which impacted 106 million users, was primarily a result of a configuration issue. Oracle believes that the Autonomous Database is a “
game changer” and is above these errors. It minimizes human intervention and does not allow them to configure the system. Instead, the system configures itself automatically, patches itself while running, backs up data on its own when needed, and encrypts the user’s data automatically.
Oracle is seeing some traction in its customers for this offering. During the quarter, it added more than 3,700 new Autonomous Database trials and now has over 2,000 paying customers for the Database. The Autonomous Database is also acting as an upsell opportunity for Oracle. 45% of the customers using the Database are also using the Oracle Analytics Cloud.
With reference to SAP, Oracle believes that it has an enormous installed base of existing ERP and HCM customers, who can upgrade to the cloud. It plans to leverage the
Fusion SaaS apps to dethrone SAP from its leading spot in the global ERP market. According to Oracle it is in talks with a lot of large corporations to shift their ERP systems onto SAP. If Oracle were able to convert a few of those deals, others would most likely follow. Oracle is confident that it will succeed in that attempt.
Both Amazon and SAP did not comment on Oracle’s attacks.
Oracle’s Management Change
Oracle also announced that its co-CEO Mark Hurd was taking an indefinite leave of absence. Mark had joined Oracle in 2010 and moved to the position of the co-CEO in 2014 when founder Larry Ellison stepped down to become CTO. He was working with former CFO Safra Catz in the position. During their tenure, Oracle’s stock had registered a 45% growth. During his absence, Larry Ellison will help cover his responsibilities along with the current co-CEO Safra Catz.
Its stock is currently trading at $53.75 with a market capitalization of $179.3 billion. It touched a 52-week high of $60.50 earlier this July. It hit a 52-week low of $42.40 in December last year.
Photo credit: Joey Rozier /Flickr.com. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . 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Five9's Partnerships Translating to Product Innovations . DocuSign Sees Digital Signature Trends Here to Stay . Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . 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Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . 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Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . 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Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations . PagerDuty Focuses on Reducing Manual Intervention within DevOps