Oracle reported strong earnings in most recent quarterly report, due in large part to the strength of its cloud computing operations. The company's cloud-related revenue climbed 47 percent year-over-year, and it said that new cloud bookings were up 140 percent for the quarter.
"We booked over $170 million in new SaaS [software as a service] and PaaS [platform as a service] annually recurring revenue," said Oracle Chairman and Chief Technical Officer Larry Ellison. "In Q4 of this fiscal year, we expect to sell over $250 million of new annual SaaS and PaaS subscriptions. This means that in this fiscal year, we will sell well over a $1 billion of new SaaS and PaaS annual subscriptions. What makes this particularly interesting is that next year, Oracle will sell about the same total dollar amount of new SaaS and PaaS business as cloud market leader Salesforce.com. It's going to be close."