Oracle has released its financial report for its first fiscal quarter of 2017, and the company saw strong gains in its cloud computing products. Its cloud software and platform as a service sales climbed 77 percent year-over-year to hit $798 million. "This year we are on track to sell more than $2 billion of SaaS [software as a service] and PaaS [platform as a service] annually recurring revenue," Oracle CEO Mark Hurd said. "We believe this will be the second year in a row that Oracle has sold more SaaS and PaaS than any cloud services provider. In the first quarter alone, we added more than 750 new SaaS customers including 344 new SaaS Fusion ERP customers—that's more ERP customers than Workday has sold in the history of their company."
On-premises software license sales fell to $1.03 billion, and hardware declined 19 percent to $462 million.
Overall, the company's net income rose to $1.83 billion, up from $1.75 billion a year ago, while revenue climbed 1.7 percent to reach $8.6 billion.