Oracle had reported a 31.7% rise in its cloud business which touched $1.57 billion in the last quarter.
On Monday, Safra Catz, Oracle Corp co-CEO stated, she expects to see an acceleration in the company’s cloud business.
Her statement comes in the wake of Oracle sales figures falling short of analysts’ expectations.
As a clarificatory note, Catz told reporters in Tel Aviv that Oracle’s cloud business was impacted by a new model that was made available to customers three quarters ago which resulted in a much higher than projected license growth.
“That makes the appearance of a lower number (for the cloud business) even though money is actually coming in to another bucket,” said Catz. “As this evens out I think we are going to start seeing cloud acceleration again that is very significant but I don’t want to time that right now.”
Last month, Oracle reported a rise in its quarterly cloud business revenue by 31.7% to $1.57 billion against an analysts’ average expectation of $1.59 billion.